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Bush loses..... Again!
"Saudi Arabia today rebuffed George Bush's appeal to increase production and help cut record oil prices, the White House said.
It was the second time this year that the pleas of the US president, who is visiting King Abdullah, have fallen on deaf ears.
Bush's latest request came as the price of crude oil hit a new high of more than $127 (£65) a barrel.
"What they're saying to us is ... Saudi Arabia does not have customers that are making requests for oil that they are not able to satisfy," the US national security adviser, Stephen Hadley, told reporters.
However, the oil minister, Ali Naimi, said later that Saudi Arabia had raised production by 300,000 barrels per day on May 10 in response to requests from its customers. He said the increase would push the kingdom's output to 9.45m barrels a day by June.
High petrol prices are a potential issue in November's US presidential election. When Bush made his first appeal in January the Saudi oil minister said that oil production was at normal levels and the kingdom would raise production only when the market justified it."
Saudis reject Bush's appeal to ease oil prices | Business | guardian.co.uk
"Saudi Arabia today rebuffed George Bush's appeal to increase production and help cut record oil prices, the White House said.
It was the second time this year that the pleas of the US president, who is visiting King Abdullah, have fallen on deaf ears.
Bush's latest request came as the price of crude oil hit a new high of more than $127 (£65) a barrel.
"What they're saying to us is ... Saudi Arabia does not have customers that are making requests for oil that they are not able to satisfy," the US national security adviser, Stephen Hadley, told reporters.
However, the oil minister, Ali Naimi, said later that Saudi Arabia had raised production by 300,000 barrels per day on May 10 in response to requests from its customers. He said the increase would push the kingdom's output to 9.45m barrels a day by June.
High petrol prices are a potential issue in November's US presidential election. When Bush made his first appeal in January the Saudi oil minister said that oil production was at normal levels and the kingdom would raise production only when the market justified it."
Saudis reject Bush's appeal to ease oil prices | Business | guardian.co.uk
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