ASSESSMENTS

Saudi Arabia: Increased Oil Output and Bush's Visit

May 16, 2008 | 20:06 GMT

JIM WATSON/AFP/Getty Images

Summary

After a meeting between U.S. President George W. Bush and Saudi King Abdullah early May 16, Saudi Oil Minister Ali al-Naimi announced that the kingdom will increase output in June to 9.45 million barrels per day. The announcement is likely part of a deal between the Saudi government and the Bush administration but is unlikely to have a major impact on global crude prices.

Saudi Arabia agreed to increase its oil output by 300,000 barrels per day after U.S. President George W. Bush met with Saudi King Abdullah early May 16....

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