A gas flame is seen in the desert near the Khurais oilfield, about 160 km (99 miles) from Riyadh, Saudi Arabia June 23, 2008. Saudi Arabian Energy Minister Khalid Al-Falih does not believe it is necessary for any “significant intervention” in oil markets at this time, he told Reuters following a speech on Thursday. The kingdom produced 10.67 million barrels per day of crude oil, the most in its history, in July, and Al-Falih said on Thursday that production has remained around that level, though he could not cite a specific number for August. Talks are scheduled in Algiers, Algeria, in September to discuss a global output freeze pact. The price of Brent oil bottomed out at about $27 a barrel in January, a 12-year low, in response to a supply glut and concerns about demand. Al-Falih said there have not been any specific discussions on a production freeze […]