Bush hopeful about OPEC oil production increase to help alleviate high prices

By Xinhua

Sharm El-Sheik, Egypt : U.S. President George W. Bush is hopeful about an OPEC oil production increase to help alleviate high prices, media reports quoted a White House spokeswoman as saying on Wednesday.

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White House spokeswoman Dana Perino revealed the news to reporters traveling with Bush to Egypt from Saudi Arabia, said the reports.

President Bush, who just arrived in Egypt’s Red Sea resort of Sharm el-Sheikh from Saudi Arabia, is hopeful that after talks with Saudi King Abdullah OPEC will authorize an increase in oil production to ease pressure on prices, said Perino.

She quoted Bush as saying that the Saudi king understands that the high price of oil can negatively affect economies around the world “and when economies aren’t growing as fast as they have been other economies are going to suffer.”

Bush flew into Sharm el-Sheikh on Wednesday, the last leg of his eight-day trip to the Mideast.

During his hours long stay in Egypt, Bush will hold talks with his Egyptian counterpart Hosni Mubarak on the Palestinian-Israeli conflict, Iran and bilateral ties with his Egyptian counterpart.