Business | Oil & Gas
Bush to ask for oil production increase during Saudi visit
President George W. Bush will ask Saudi Arabia to increase oil production when he visits Riyadh, the Saudi capital, next week, Bush's national security adviser Stephen Hadley told reporters in Washington.
- Bloomberg
- Published: 10:05 May 8, 2008
Washington: President George W. Bush will ask Saudi Arabia to increase oil production when he visits Riyadh, the Saudi capital, next week, Bush's national security adviser Stephen Hadley told reporters in Washington.
"I'm confident he will,'' Hadley said, when asked if Bush would ask the Saudis to increase oil production.
"He has in the past. I'm confident he'll use that opportunity during this trip and probably do so in the future.''
Bush asked the Saudis to increase oil production when he last visited Saudi Arabia in January. Oil prices have climbed 31 percent since that appeal. Bush leaves May 13 on a Middle East trip that includes stops in Israel, Saudi Arabia and Egypt.
Oil closed at a record $123.53 on the New York Mercantile Exchange after touching $123.80 in intraday trading.
Oil prices have more than doubled in the past year.
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