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Saudis 'resist Bush oil pressure' | Saudis 'resist Bush oil pressure' |
(about 1 hour later) | |
Saudi Arabia has rejected an appeal by US President George W Bush to raise oil production, a US official has said. | |
Saudi officials said they were already meeting demand, and had increased production by 300,000 barrels per day earlier this month. | |
The news came after talks in Riyadh between Mr Bush and King Abdullah. | The news came after talks in Riyadh between Mr Bush and King Abdullah. |
The US wants an increase in production to help curb record prices, currently $127 a barrel, but Saudi officials blame speculation not supply shortages. | |
"Supply and demand are in balance today... The fundamentals are sound," said Saudi Oil Minister Ali al-Nuaimi. | |
"How much more can we do?" | |
'Doing everything' | |
US National Security Adviser Stephen Hadley said the Saudi government had indicated it would put as much oil on the market as necessary to meet demand. | |
"What the Saudis wanted to tell us was we're doing everything we can do... to meet this problem, but it's a complicated problem," he said. | |
He added that the Saudi authorities thought it was unlikely that boosting production would reduce the price. | |
Mr Hadley said the White House had accepted Riyadh's response but would check the situation with its own experts. | |
Mr Bush and King Abdullah also discussed the recent violence in Lebanon, and expressed concern that the show of strength by Hezbollah would "embolden Iran", Mr Hadley said. | |
Mr Bush's visit to Saudi Arabia follows a trip to Israel to coincide with the 60th anniversary of the country's foundation. | Mr Bush's visit to Saudi Arabia follows a trip to Israel to coincide with the 60th anniversary of the country's foundation. |