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, Middle East Newsline reported.
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."
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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.
