May 16, 2008, 18:30
The world's top oil exporter, Saudi Arabia, told the world's largest energy consumer, the United States, it was ready to pump more oil, but saw no need to do so for now, a US official said tomorrow.
On his second visit to the kingdom this year, US President George W Bush met Saudi King Abdullah today to renew his appeal for more oil from Opec to tame record oil prices.
The kingdom reiterated its pledge to give customers all the oil they want, but saw no unmet demand, Stephen Hadley, Bush's national security adviser, told reporters after the meeting.
US oil prices hit a record near $128 a barrel today. The US says more oil would help lower prices, while Opec officials blame the high price on factors beyond their control, such as speculation and the weak dollar. – Reuters
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