Saudi Arabia, the world's biggest oil exporter, plans to raise production for a third-straight month in July and make further increases as needed to curb record prices.
The kingdom will raise daily crude output by 200,000 barrels to 9.7 million barrels next month, Saudi Oil Minister Ali al-Naimi told officials from 35 producing and consuming countries at a summit yesterday in the Red Sea port of Jeddah.

Full story: bloomberg.com