Saudi Oil Minister Ali Al Nueimi said the kingdom increased oil production by 300,000 barrels per day on May 10. He said production in June would reach 9.45 million barrels per day. The kingdom's oil production capacity was reported at 11.3 million barrels.

"In the future if the need appears, Saudi Arabia has no objection to producing more," Al Nuemi said.

"It's something, but it doesn't solve our problem," Bush said on Saturday in wake of the Saudi announcement of an oil production increase.

"Our problem in America gets solved if we expand our refining capacity, promote nuclear energy and continue our strategy for the advancement of alternative energies."

During Bush's visit, Saudi Arabia and the United States signed an agreement for the protection of Saudi institutions and energy infrastructure. The two countries also signed a memorandum of understanding to cooperate on a peaceful nuclear energy program.

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