Bush urges Saudi Arabia to up oil production
Saudi Arabia's recent gain in oil production is “something but it doesn't solve our problem” caused by skyrocketing oil prices, US President George W. Bush said.
Bush told the reporters that “it's not enough. It's something but it doesn't solve our problem,” referring to Riyadh's decision last week to raise oil output by 300,000 barrels per day (bpd).
“We've got to do more at home,” Bush said, adding that the US must focus on alternative measures to ease the oil crisis.
“Our problem in America gets solved when we aggressively go for domestic exploration. Our problem in America gets solved if we expand our refining capacity, promote nuclear energy and continue our strategy for the advancement of alternative energies as well as conservation.” he stressed.
Bush had reminded Saudi King Abdullah bin Abdul-Aziz earlier this week that the soaring prices are inflicting the kingdom's biggest oil customers, especially the United States.
Under the US pressure for an increase in oil production after Venezuela and Mexico slashed oil exports, Saudi Arabia has raised on May 10 oil output by 300,000 bpd so that “supply and demand are in balance,” according to Saudi Oil Minister Ali al-Naimi.
Despite the output of 9.45 million bpd at present, the Saudi oil minister promised that “if the need appears, Saudi Arabia has no objection to producing more.” (Xinhua)
ADVERTISEMENT
ÁKK Cutting Premiums on PMÁP
Parl't Approves Amendments to Legislation on Judiciary
Magnus Aircraft Signs CNY 65 mln Order
Accommodation Fully Booked Over Pentecost Weekend
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
