Bush Urges OPEC to Raise Oil Output to Help U.S. Economy

U.S. President George W. Bush, on his first visit to Saudi Arabia, urged the Organization of Petroleum Exporting Countries to pump more oil in an effort to lower crude prices that remain near record levels.

“I would hope that as OPEC considers different production levels they would understand that if their biggest consumer economy suffers it will mean less purchases,” Bush said in Riyadh ahead of meeting Saudi business leaders. Saudi Arabia is the oil exporting group’s largest member.

The president plans to raise the issue of high oil prices when he meets with Saudi King Abdullah later today. OPEC next meets Feb. 1.

Crude oil for February delivery was at $94.17 a barrel, down 3 cent, in after-hours electronic trading on the New York Mercantile Exchange at 1:15 p.m. in Singapore. New York futures have fallen 5.8 percent from the record $100.09 a barrel reached on Jan. 3.

Bloomberg