Saudis pledge action to stabilize oil market
Thursday, March 27, 2008 Free Headline Alerts
ABU DHABI — Saudi Arabia has agreed to ensure global supplies of crude oil.
The kingdom's statement was issued in wake of the visit by U.S. Vice President Richard Cheney to Saudi Arabia.
The Supreme Council of Petroleum and Mineral Affairs, chaired by King Abdullah, said Riyad would help ensure oil market stability. In a statement on March 24, the council said it would work with OPEC and non-OPEC members to "prevent the effects of harmful speculation."
In Riyad, Cheney urged Abdullah to increase crude oil exports to help lower the price of gasoline in the United States. The kingdom produces close to 12 million barrels of oil per day.
"They [Saudis] said they would add two million barrels a day in production over the next four or five years, through the end of [2009], and they've kept their word," Cheney said.