The Bush administration said on Tuesday that the US welcomed Saudi Arabia's plan
The Bush administration said on Tuesday that the US welcomed Saudi Arabia's plan to invest $50 billion to boost Saudi crude oil production to meet global oil demand.
However, they conceded the plan may not have an immediate effect on petrol and crude oil prices.
Bush discussed the plan with Saudi Crown Prince Abdullah during a meeting at the president's Texas ranch. Saudi foreign affairs adviser Adel al-Jubeir, who attended the meeting, said the investment plan will ensure the kingdom can meet future global oil demand.
Adel al-Jubeir declined to reveal if the president specifically asked the kingdom to boost its output, and US officials also refused to say whether such a request was made by Bush.
Bush said last week he wanted the Saudis to produce more oil in an attempt to ease US crude oil prices that recently soared above a record US$58 a barrel. The United States must import more than half of the 21 million barrels of oil it consumes each day, and Saudi Arabia is the leading importer.