Saudi Arabia, the world's largest oil exporter, can do little to stem rising fuel prices this summer, the Financial Times daily reported May 19.

Analysts told the paper Saudi Arabia acted too late and now produces a type of oil that’s not preferred when refining gasoline and diesel fuel.

Seth Kleinman, energy analyst at PFC Energy, told the paper the majority of Saudi spare production was a heavier crude, which is preferred for making heating oil.

Saudi Arabia is able to produce 10 million barrels of oil a day, or 2.7 million barrels per day above what it produced last month. Kleinman said three-quarters of total Saudi output capacity was of the lighter crude variety, and most of this was already being produced. This left spare capacity mainly in the heavier grades.

OPEC to meet this month

Meanwhile, Saudi Arabia will try to persuade other OPEC members at a meeting in Amsterdam this week to increase the cartel's output ceiling by 6 percent. Though Kuwait supports the idea, others including Venezuela are proving reluctant.

The paper said Saudi Arabia is one country with enough spare capacity to make any serious increase, and some others, which cannot cash in, do not want to see a significant price drop.

In spite of concerns about alienating its OPEC brethren, Saudi Arabia has reportedly told customers in Europe and the United States that it would make extra barrels of oil available next month.

But the six-week journey to the U.S. East Coast would mean the barrels would arrive in late July at the earliest, well after the beginning of the summer holiday driving season at the end of this month, the paper said.

The surge in prices has put pressure on the U.S. refinery system and sent gasoline prices to 21-year highs. Speculation by analysts is that U.S. crude will likely hold above $40 a barrel for the time being.