Saudi to Expand Oil Production

Saudi Arabia says it is working to expand its oil production and refinery capacity in order to maintain world economic growth.

The Supreme Council of Petroleum and Mineral Affairs has announced it will work "with OPEC countries, other producers and consuming countries towards market stability to avoid the effects of harmful speculation", writes Reuters.

The council met a day after US Vice President Dick Cheney visited Saudi leaders in Riyadh to discuss oil prices.

US President George Bush has previously called on Saudi Arabia, the world's largest oil exporter, to raise OPEC production to help ease prices in the US.

By staff writer