April 7, 2005 9:00 AM, EDT

OPEC to Meet With European Officials; Saudis May Boost Output

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PEC oil producers may produce more oil to cope with surging world demand and the cartel’s ministers will meet in June with European Union officials, news reports said Thursday.

Saudi Arabia has offered to boost its oil output, the Wall Street Journal reported in a front-page story.

The move comes as crude prices are soaring, reaching two records in the past week, and the Saudis may be concerned that the high prices could dampen world economic growth, the paper said.

Earlier in the week the country had lowered its export prices to attract buyers, the Journal said.

Meanwhile OPEC and the EU will meet to improve oil and industry cooperation to cope with high prices and overall economic concerns, Bloomberg reported.

The June 9 meeting in Brussels will be between OPEC President Sheikh Ahmad al-Sabah, who is Kuwait’s oil minister, and an EU official, Bloomberg said.