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31

Bush Trying To Coax Saudi Prince

The plan is a good scheme to address the underlying problems of oil availability and manufacturing capability in the volatile energy sector

US President George W. Bush hosted Saudi Crown Prince Abdullah bin Abdul Aziz at his Texas ranch in order to persuade him to decide to increase Saudis oil output capacity to 12.5 million barrels per day over the next few years to reduce prices.

Stephen Hadley, the US National Security Adviser, described the plan as a good scheme to address the underlying problems of oil availability and manufacturing capability in the volatile energy sector.

"The importance of course expanding capacity and the production capacity is that it makes the oil available and helps stabilise the market at a price level which both the United States and Saudi Arabia agree needs to be one that provides adequate return for investment but is also something that isn't so high that it damages markets and damages the world economy, ? he said.