Saudi Arabia is taking steps to calm the oil market, boosting exports, filling up strategic oil stocks overseas and tapping oilfields to expand production capacity.
The moves by the world’s largest oil producer would be welcomed by the White House as it battles the negative impact of rapidly rising fuel prices. They come as oil prices surge above $125 a barrel, the highest since the crisis of 2008, and set record highs in a number of currencies, including the euro and sterling.
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