Begging works -- Saudi Arabia could boost oil production

Falling demand could be behind rumors Saturday that Saudi Arabia plans to increase oil production by 500,000 barrels next month. According to the New York Times, Saudi officials have advised some industry analysts and traders that it planned to increase production to help stabilize the global economy. The White House responded positively to the news, with spokesman Tony Fratto saying it was "welcome." President Bush tried unsuccessfully to persuade the Saudis to increase production twice this year. "We would welcome any and all increases in oil production, including from Saudi Arabia," White House spokesman Tony Fratto said, according to the newspaper. The increase could be announced publicly as early as next week, the Reuters international news service said. Reuters quoted an adviser from the Saudi Petroleum Ministry as saying Saudi Arabia was uncomfortable with soaring crude prices. "Our goal is to bring back stability to the oil market," the adviser said. Oil prices have risen 40 percent this year to nearly $140 a barrel. Some analysts forecast $200 a barrel prices this year.