Saudis reported ready to up oil output 15%

Saudi Arabia is likely to raise production of crude oil from 9.5 million barrels a day to a maximum of 11 million barrels daily, roughly a 15 percent increase, to help make up for shortages from Iran and Iraq, the authoritative oil publication Middle East Economic Survey said. The survey also said the Saudis, the world's largest exporter and largest US supplier of imports, would review production levels monthly instead of quarterly because of the war between the two OPEC nations. Iraq, OPEC's second- largest producer, and Iran have reportedly been forced to halt all exports of oil, about 3.3 million barrels a day.