Nobody else has the capability to add two million barrels of capacity in such a short time.

Some analysts estimate that overproduction adds more than a million barrels a day to output.

The kingdom is also bringing on two additional fields that will add 800,000 barrels a day next month.

And the Iraqis are expanding their pipeline capacity to add nearly another million barrels a day in 18 months.

That plant will add 90,000 barrels a day to oil production capacity.

That purchase would add 2.7 billion barrels of oil equivalent to its reserves, Lukoil said.

Saudi Arabia reportedly said yesterday that it would add two million barrels a day to its output.

Its effort there is already adding 32,000 barrels of oil a day to its production.

The expansion added 325,000 barrels per day of capacity.

"This is the first time they have ever had to add more than a million barrels a day on the market in a coordinated way."