London: Red-hot oil prices cooled slightly today (June 2, 2004) after OPEC kingpin Saudi Arabia vowed to boost output to bring down record high prices, though traders remained sceptical of its chances of success.

Saudi Oil Minister Ali al-Nuaimi said ahead of an OPEC meeting in Beirut the oil-rich kingdom was "fully ready" to increase oil production in an effort to return prices to OPEC's target range of $ 22-28 a barrel.

Organization of Petroleum Exporting Countries Ministers gathering in the Lebanese capital for a formal meeting tomorrow are under heavy pressure from the United States and European nations to open up the taps.

European Union Finance Ministers last night expressed concern that skyrocketing oil prices could jeopardise Europe's fledgling economic recovery, calling on OPEC again to act to calm the market.