4.27.2005
Bush Urges Saudis to Boost Oil Production (TheAge.com.au)
The US President warns that unless rising oil prices are curbed, the markets will be gravely damaged.
By Michael Gawenda
United States correspondent
Washington
April 27, 2005
President George Bush has asked Saudi Arabia's Crown Prince Abdullah to increase Saudi oil production to curb rising oil prices, which Mr Bush said would soon damage markets.
With US petrol prices up almost 25 per cent in six months and polls showing that Americans blame the Bush Administration for these increases, Mr Bush said oil prices were on top of the agenda at his meeting with Prince Abdullah at his Texas ranch.
"The crown prince understands that it is very important to make sure that the price of oil is reasonable," he said. "A high oil price will damage markets - and he knows that."
While the talks were taking place, a Saudi spokesman outlined to the media a plan that would involve spending $US50 billion ($A64 billion) to increase production capacity to 12.5 million barrels a day by 2009 and to 15 million barrels a day in the subsequent decade. Present Saudi oil production is 9.5 million barrels a day.
National Security Adviser Steve Hadley welcomed the announcement, saying that when the Saudis increased production this would have a positive effect on oil prices.
(More ... Bush urges Saudis to boost oil production - World - www.theage.com.au) ¶ 08:24
By Michael Gawenda
United States correspondent
Washington
April 27, 2005
President George Bush has asked Saudi Arabia's Crown Prince Abdullah to increase Saudi oil production to curb rising oil prices, which Mr Bush said would soon damage markets.
With US petrol prices up almost 25 per cent in six months and polls showing that Americans blame the Bush Administration for these increases, Mr Bush said oil prices were on top of the agenda at his meeting with Prince Abdullah at his Texas ranch.
"The crown prince understands that it is very important to make sure that the price of oil is reasonable," he said. "A high oil price will damage markets - and he knows that."
While the talks were taking place, a Saudi spokesman outlined to the media a plan that would involve spending $US50 billion ($A64 billion) to increase production capacity to 12.5 million barrels a day by 2009 and to 15 million barrels a day in the subsequent decade. Present Saudi oil production is 9.5 million barrels a day.
National Security Adviser Steve Hadley welcomed the announcement, saying that when the Saudis increased production this would have a positive effect on oil prices.
(More ... Bush urges Saudis to boost oil production - World - www.theage.com.au) ¶ 08:24
