LONDON — Saudi Arabia has defied a U.S. appeal, and has refused to
increase crude oil production.
Saudi Oil Minister Prince Ali Al Naimi maintained that the global oil
market was not experiencing a shortage, Middle East Newsline reported.
Addressing a conference in Paris on
April 9, Al Naimi said that neither OPEC nor Riyad would raise
production quotas, which he asserted was unconnected to record prices.
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The statement came about two weeks after a visit to Riyad by U.S. Vice
President Richard Cheney. Cheney, in an effort to press for higher oil
production, met Saudi King Abdullah as well as Al Naimi.
"I am not going to pull back," Naimi said. "I'm not going to dump crude
on the market. In my perspective, the oil market is well-supplied. The price
is not at that level because of any shortage in supply."