But how much will this impact the price?
UN chief sees Saudis move on oil(BBC) UN Secretary-General Ban Ki-moon says major oil producer Saudi Arabia views current prices as "abnormally high".
He also said that the country, the leading producer in the Opec cartel of oil output nations, is willing to take action to bring prices down.
Mr Ban was speaking after a meeting with the Saudi monarch, King Abdullah.
Oil prices fell on Friday after reports that Saudi Arabia might boost oil production. US light, sweet crude was trading at $134.86 in New York.
'Adequate levels'
Speaking after the weekend talks in Jeddah, Mr Ban said: "He [King Abdullah] acknowledged that the current oil prices are abnormally high due to speculative factors and some other national government policies.
"He is willing to what he can to [bring] the price of oil to adequate levels."
And he added that the Saudis, who appear poised to take "concrete measures", also seemed "to be considering very seriously how they can address this issue by increasing production".
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