RIYADH: With the price of oil hitting record highs, President George W. Bush used a private visit to King Abdullah's ranch here Friday to make a second attempt to persuade the Saudi government to increase oil production. And while Saudis initially appeared to rebuff the request, the Saudi oil minister, Ali al-Naimi, announced later that the kingdom had increased output by 300,000 barrels a day, starting May 10. The Saudis have previously rejected American requests to increase production, and Naimi insisted that the increase was in response to demands from some 50 "customers" worldwide. He did not give further details. "Our response is positive," he said at a news conference. "If you want more oil you need to buy it." The increase means that Saudi Arabia aims to produce 9.5 million barrels a day. Prince Saud al-Faisal, the foreign minister, said at the briefing, "The president showed great concern for the impact on the American economy," adding, "We of course sympathize with that."
RIYADH: With the price of oil hitting record highs, President George W. Bush used a private visit to King Abdullah's ranch here Friday to make a second attempt to persuade the Saudi government to increase oil production. And while Saudis initially appeared to rebuff the request, the Saudi oil minister, Ali al-Naimi, announced later that the kingdom had increased output by 300,000 barrels a day, starting May 10.
The Saudis have previously rejected American requests to increase production, and Naimi insisted that the increase was in response to demands from some 50 "customers" worldwide. He did not give further details. "Our response is positive," he said at a news conference. "If you want more oil you need to buy it."
The increase means that Saudi Arabia aims to produce 9.5 million barrels a day.
Prince Saud al-Faisal, the foreign minister, said at the briefing, "The president showed great concern for the impact on the American economy," adding, "We of course sympathize with that."
Saudis to boost oil output after US pressure Saudi Arabia said on Friday that it was increasing its oil production to its highest level in two years, bowing to intense US pressure after the price surged to a fresh record of almost $128 a barrel. The announcement of a boost to output by about 300,000 barrels a day came after a plea by George W. Bush, US president, to King Abdullah of Saudi Arabia in Riyadh.
Saudi Arabia said on Friday that it was increasing its oil production to its highest level in two years, bowing to intense US pressure after the price surged to a fresh record of almost $128 a barrel.
The announcement of a boost to output by about 300,000 barrels a day came after a plea by George W. Bush, US president, to King Abdullah of Saudi Arabia in Riyadh.
Either way, Saudi Arabia's production has been declining or stagnant over the past 3 years. In the long run, we're all dead. John Maynard Keynes
