Friday, May 16, 2008

Saudi Arabia Rejects Bush On Oil Production



The increasingly lame-duckish President Bush's face-to-face appeal for a Saudi Arabian increase of oil output to lower gas prices at home was rejected. From the NYTimes:

"With the price of oil hitting record highs, President 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 appeared to rebuff the request, the Saudi oil minister, Ali al-Naimi, announced 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 Mr. Naimi insisted that the increase was in response to demands from some 50 'customers' worldwide. He did not specify further. 'Our response is positive,' he said at a news conference. 'If you want more oil you need to buy it.'"


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