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May 16th, 2008
Posted: 04:18 PM ET
WASHINGTON (CNN) — Saudi officials said Friday that their current oil production matches customer demand, apparently spurning President Bush’s request for the world’s top oil exporter to raise production so prices might drop, a top White House aide said. “Saudi Arabia at the present time does not have customers that are making requests for oil that they are not able to satisfy,” National Security Adviser Stephen Hadley told reporters Friday, as oil prices settled at a record high of more than $126 a barrel. “So what they’re saying is, the problem isn’t inadequate supply, the problem is, we don’t have the demand at present that is being unmet,” Hadley said. As Bush’s plea was seemingly rebuffed, Saudi Oil Minister Ali al-Naimi announced that the Saudis had already increased oil production by about 300,000 barrels a day, beginning last Saturday. Hadley did not mention the 300,000 additional barrels during his briefing with reporters. |
 
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