UPDATE 5-Saudi upping oil supply, wants OPEC to increase

Tue Jun 7, 2011 7:42pm GMT

"There is a need for more supply in the market," Kuwait's Oil Minister Mohammad al-Busairi told Reuters. "I expect OPEC to increase output during this meeting but I am still unsure how much."

With economic data from the West indicating growth may be stalling, Riyadh is under increasing pressure from consumer goverments to act.

"With Libyan production offline for what we assume to be at least the balance of the year, Saudi is the market's `supplier of last resort' now more than ever," said Katherine Spector at CIBC World Markets.


OPEC output vs target: r.reuters.com/zyg89r

OPEC could poor oil on troubled politics [ID:nLDE7560U7]

Insider TV link.reuters.com/ded99r

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