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May 17, 2008

Bush: Saudi Oil Production Hike Not Enough 
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http://enews.voanews.com/t?ctl=1C4B703:A6F02AD83191E160A663F20082DB5EA22E7CA1C1B166B639& 
US president says modest increase in oil production by Saudi Arabia will not solve problem of soaring gasoline prices in US 




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US President Bush, left, meets with Egyptian President Hosni Mubarak in Sharm El-Sheik, 17 May 2008 

U.S. President George Bush says a modest increase in oil production by Saudi Arabia will not solve the problem of soaring gasoline prices in the United States.

Speaking to reporters during his visit to Egypt Saturday, Mr. Bush said he is pleased that Saudi Arabia has begun increasing its crude-oil production this month by 300,000 barrels a day - slightly more than three percent. However, he says that increase - slightly more than three percent for Saudi Arabia, and much less in terms of overall crude-oil production - is not enough to meet demand for fuel.

During his talks in Saudi Arabia a day earlier, Mr. Bush says he made clear to King Abdullah that high oil prices are hurting the economies of some of the kingdom's biggest oil customers, including the United States. 

President Bush is in Egypt's Red Sea resort of Sharm el-Sheikh Saturday, where he met separately with Afghanistan's President Hamid Karzai and Egyptian President Hosni Mubarak. He also is attending a meeting of the World Economic Forum.

In addition, the president is due to meet with Palestinian President Mahmoud Abbas and Jordan's King Abdullah.

While speaking Saturday about crude-oil supplies and Saudi Arabia's role in world markets, Mr. Bush also said the United States must do more at home to ease what Americans see as a crisis over rising gasoline prices. During talks on Friday at King Abdullah's ranch near Riyadh, the president asked for a bigger boost in Saudi oil production, but the request was turned down. Saudi Arabia's oil minister said the kingdom has done as much as it can to meet its customers' needs. 

Egypt is the last stop on President Bush's Middle East tour. Before his stops in Egypt and Saudi Arabia, he visited Israel to join in celebrations of the 60th anniversary of the founding of the Jewish state. 

Some information for this report was provided by AFP, AP and Reuters.



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