Saudis will increase daily oil production from 9 million barrels to 9.7 million . The Saudi government has been pumping record amounts of crude into the market since mid-2014, and it expects that figure to rise further in 2015. Announcement at Jeddah energy summit to help ease pain of oil price hike . `` We spent 30 years digging ourselves into this hole , '' he said . Saudis : OPEC should give $ 1B for strategy , $ 500M of which for developing nations .
Saudis will increase daily oil production from 9 million barrels to 9.7 million . The Saudi government has been pumping record amounts of crude into the market since mid-2014, and it expects that figure to rise further in 2015. Announcement at Jeddah energy summit to help ease pain of oil price hike . Saudis : OPEC should give $ 1B for strategy , $ 500M of which for developing nations .