Saudi says oil market well supplied, can pump more

MADRID (Reuters) - Top exporter Saudi Arabia stands ready to pump as much oil as its customers require, but supply for now is adequate, Saudi Oil Minister Ali al-Naimi said on Monday.

Riyadh has already promised to pump 9.7 million barrels per day (bpd) in July, marking an increase in output of 550,000 bpd since May.

"Supply is enough. The price is driven by many, many causes -- most of which is speculation," Naimi told Reuters.

He was speaking on the day oil rose to a new record above $143 a barrel, driven higher by market fears of conflict between Israel and Iran over Tehran's nuclear program.

Asked whether Riyadh was prepared to raise supply, Naimi said: "I have said that many, many times... We just had a big conference in Jeddah. We said whatever our customers need, we will provide."

The kingdom summoned the world's energy powers to an unprecedented meeting in Jeddah last week in response to record price moves.

(Reporting by Santosh Menon)