Saudi Arabia increases oil output

Source: CCTV.com | 05-17-2008 10:56

The world's top oil exporter, Saudi Arabia, has announced a modest increase in oil production after an appeal from U.S. President, George W. Bush.

President Bush met Saudi King Abdullah in Riyadh on Friday to ask for more oil from OPEC to tame record oil prices. They also agreed on cooperation in atomic energy and infrastructure. Saudi Oil Minister, Ali al Naimi, said most of the extra supplies would go to buyers in the United States - the world's largest energy consumer.

Saudi Arabia is spending $90 billion on boosting output capacity at home and abroad. Riyadh plans to raise its daily crude oil production capacity to 12.5 million barrels, from current levels of about 11.3 million barrels per day.

Editor:Liu Fang