SAVE MONEY ON TRAVEL DEALS

Saudi Arabia renew pledges Sunday to raise production by 200,000 barrels a day within a month and by millions of barrels a day within a decade, The Times of London reported Monday. The Saudis also pledged to adjust production to market demands.

But independent oil analyst John Hall told the Times the near-term production bump would have little impact. "Five hundred thousand barrels per day or even a million barrels" would have helped lower prices, he said.

The country's production boost has also been offset by rebel attacks on oil production facilities in Nigeria, where output has been pinched by 325,000 barrels a day to a 25-year low, the Times reported.

Oil traders will be watching developments closely, as one of the most influential rebel groups, the Movement for the Emancipation of the Niger Delta, announced a cease-fire effective at midnight Monday.

The cease-fire is a surprise given the group demanded Saturday that all foreign workers leave the area, the Times said.

 BREAKING STORIES

Publicist corrects Shakira report

Shakira to record with Dania Youssef

Arrest made in singer Tamim's slaying

Singer stabbed to death in Dubai

Doha trade talks end in stalemate

Ground broken for Universal Dubai project

U.S. ups pressure on Somali pirates

Chinese firm wins Saudi contract

Saudis show journalists huge oil project

Saudi Arabia to boost oil production

Bodman: Low oil production hurting prices

Oil summit produces few results

Saudi Arabia plans to increase output

Saudis to form agriculture plan in Turkey

Yemeni journalist sentenced to prison

Brad Pitt to help design Dubai resort

'Sex' movie to get name change in UAE

Bin Laden brother plans Red Sea bridge

Lebanese factions broker deal in Qatar

Agreement reached to end Lebanon crisis