Saudi Arabia, the world's largest oil exporter, stated that it plans to increase oil production by 300,000 barrels a day in response to higher demand and by request from President Bush. The move which will go into effect next month will increase its current production supply by 3.3 percent. The news comes just after Goldman Sachs raised their price targets for oil to $141 from $107 stating that due to higher global demand and tightened inventories that the price of oil would continue to rise throughout the rest of the year.