Saudi raises oil output 300,000 bpd-Naimi

RIYADH, May 16 (Reuters) - The world's top oil exporter Saudi Arabia has boosted oil output by 300,000 barrels per day to meet rising demand and to compensate for lower output from other producers, Saudi Oil Minister Ali al-Naimi said on Friday. Saudi output in June would reach 9.45 million bpd, Naimi said. The kingdom raised supplies on May 10, he said.

Fundamentals in oil markets were sound, he added.

Record oil prices were due to international political tension, dollar weakness and investors using the commodities market as a hedge, he said.

U.S. oil prices CLc1 hit a record near $128 a barrel on Friday.

(Gulf Newsroom; +971 43918301)