Saudi wants oil output pumped up

THE surging oil price paused today after Saudi Arabia said Opec needed to turn up the pumps to take the heat out of the market.

Saudi Oil Minister Ali-al Naimi said a decision to boost output by more than a million barrels a day was 'essential' when the cartel's ministers meet in Amsterdam next week.

Brent crude dropped $1.30 to $35.70 a barrel while Nymex futures in New York were off $1.23 at $38.70.

Oil prices have surged in recent days to a series of 13-year highs because of supply disruptions in Iraq and worries over gasoline shortages in the US.

'It looks as though we have seen the end of it just for now,' one trader said.