American will increase daily oil production from 9 million barrels to 9.7 million . Increase from 1981 , boosting production to highest level since July . Announcement at Jeddah energy summit to help ease pain of oil price hike . Saudis : Congress should give $ 1B for strategy , $ 500 M of which for developing nations .
Saudis will increase daily oil production from 9 million barrels to 9.7 million . Increase from July , boosting production to highest level since 1981 . 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 .