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  Friday, September 20, 2019
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US hopes that Saudi Arabia could help relieve the pressure on surging petrol prices
US hopes that Saudi Arabia could help relieve the pressure on surging petrol prices, by pumping more crude from its huge reserves, were dealt a blow on Monday. A key adviser to Crown Prince Abdullah said they had little more to offer beyond the plan outlined last week. US President George W Bush and Abdullah met for several hours at the President's ranch in the state of Texas. During the meet, the Saudis presented a plan outlined last week, to increase production capacity to 12.5 million barrels per day by 2009 from the current 11 million limit. As the world's top oil exporter and leading member of the Organisation of Petroleum Exporting Countries (OPEC), Saudi Arabia now pumps about 9.5 million barrels a day, reports ND TV. President Bush yesterday pressed Saudi Arabia's Crown Prince Abdullah to increase the flow of crude oil from his nation's vast reserves, but failed during their meeting to win any short-term relief for Americans pummeled by sky-high gasoline prices. Instead, Bush administration officials, including Secretary of State Condoleezza Rice and National Security Adviser Stephen J. Hadley, touted long-range plans already offered by the Saudis to increase capacity and production by several million barrels per day by the end of the decade, publishes the Washington Times
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