S Arabia to Pump More Oil if Needed

By Prensa Latina

Riyadh : Saudi Arabia will increase its oil production when the markets need it, Oil Minister Ali Al-Naimi affirmed Tuesday in that capital.

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According to Naimi, world oil demand is expected to increase by 900,000 barrels daily, up to 1.5 million next year.

Regarding that, oil pumping will be increased when needed, the official said in a meeting with journalists accompanying US President George W. Bush, who is visiting the Saudi Arabian capital.

One of Bush’s main objectives is to try to convince Saudi Arabia, the world’ leading oil exporter, to pressure the Organization of Petroleum Exporting Countries to increase extraction quotas.

The US president believes oil prices will decrease with increased offer.

However, experts explained that prices remain high mostly due to Bush’s recent threats against Iran and political tensions in Nigeria.

Today, the barrel of oil was at 94 dollars, amid fear that a recession in the US, the world’s largest energy consumer, might reduce demand.

OPEC, which supplies over one third of the world oil, has repeatedly stated it is producing enough, and high prices are due to factors beyond its control.