RIYADH, Saudi Arabia – Saudi Arabia’s leaders made clear Friday they see no reason to increase oil production until customers demand it, apparently rebuffing President Bush amid soaring U.S. gasoline prices.
UPDATE: What really happened in KSA? Bloomberg has this:
May 16 (Bloomberg) — Saudi Arabia, the world’s largest oil exporter, will increase crude production next month in response to rising demand from its customers and a request by U.S. President George W. Bush to ease the strain of record oil prices.
The country will raise output by 300,000 barrels a day to 9.45 million barrels a day in June, Saudi Oil Minister Ali al- Naimi said in Riyadh today, following a meeting between Bush and Saudi Arabia’s King Abdullah. Earlier today, U.S. National Security Adviser Stephen Hadley said the Saudi policy was to supply extra oil only if customers needed it.