Saudis reassure U.S. over oil prices

Saudi Arabia has reassured the United States that it will help prevent an oil shortage over the summer.

Officials said Riyad has relayed to the Bush administration that the kingdom is prepared to support an increase in oil production over the summer to ensure adequate supplies. The administration has been concerned that shortages will spark a huge price hike over the next few months as consumption is expected to increase.

But Saudi Oil Minister Ali Al Naimi said Riyad would not allow this to take place."The United States is the most important client for the sale of oil," Naimi said on Friday after meeting with Energy Secretary Spencer Abraham. "If there is a need, as sellers we have to take care of the client."

Saudi Arabia is a leading force in OPEC, which meets on June 5 to decide on new production quotas. So far this year, the group has cut production by nine percent.