Saudi oil minister says no new production hikes planned soon

MADRID, Spain - Saudi Arabia's oil minister suggests his country has no immediate plans to boost production, despite prices that are hitting new records.

Minister Ali Naimi says customers buying Saudi oil are satisfied for now. But he does not rule out further output boosts if Saudi Arabia perceives a need to do so.

Naimi spoke Thursday against a backdrop of soaring oil prices that hit a trading record above $145 a barrel.

A recent Saudi pledge to add 200,000 barrels per day as of July to a 300,000 barrel per day production increase announced in May has left markets unimpressed, with prices continuing to spike. - AP

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