Saudi Arabia increasing oil production
The royal house of Saudi Arabia is boosting oil production by 300,000 barrels a day, Saudi officials said Friday, handing a diplomatic boost to US President George W Bush during his official visit there, dpa reported.
The decision was made on May 10 in response to requests by 50 customers worldwide, Saudi Oil Minister Ali al-Naimi in Riyadh was quoted as saying Friday by Bloomberg financial news service.
The announcement came after a meeting between Bush and Saudi Arabia's King Abdullah.
Earlier today, US National Security Adviser Stephen Hadley said the Saudi policy was to supply extra oil only if customers needed it.