Saudi Arabia on Friday gave no concrete promises to visiting U.S. President George W. Bush who is in the oil-rich kingdom to press for an immediate increase in its oil production to help tame record oil prices.
On May 10, the kingdom already raised supplies to customers by increasing oil output of 300,000 barrels per day (bpd) and "supply and demand are in balance today," Saudi Oil Minister Ali al-Naimi told a press conference, while Bush held talks with King Abdullahbin Abdul-Aziz.
Saudi oil output in June would reach 9.45 million bpd and the kingdom sees fundamentals in oil markets were sound now, Naimi said.
The oil minister, however, promised that "if the need appears, Saudi Arabia has no objection to producing more."
King Abdullah and President Bush met in the king's ranch in Al-Jnadreyah, near Riyadh, on bilateral cooperation in all fields. They signed a memorandum of understanding on cooperation in nuclear energy and an agreement on technological cooperation, according to the official SPA news agency.
They also touched upon issues in the Middle East, particularly the chronic Palestinian-Israel issue, and conditions in Lebanon and Iraq, said SPA.
But SPA made no mention of either the oil production issue, which is widely deemed as an important topic of Bush's visit to the oil-rich country or the Iran issue.
Bush's visit here came within four months after his last one, during which he has reportedly asked Saudi Arabia, the world's to poil exporter to raise oil production to ease high oil prices. But the kingdom responded that it would increase production only when the market justified it.
Since Bush's last visit, oil prices have jumped about 30 U.S. dollars to a new record of about 127 dollars a barrel on Friday.
Before Bush's Mideast visit, White House spokesman Scott Stanzel said the U.S. president will express American concerns about soaring oil prices during his second visit to Saudi Arabia this year.
Bush arrived here after a three-day visit to Israel on the occasion of the Jewish state's 60th anniversary and will go to Egypt after his Saudi tour.
Source:Xinhua
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