Saudi oil minister rebuffs White House

Prominent OPEC nation says it won’t increase oil output unless market requires it; statement comes after Bush urges cartel to boost supply.

RIYADH, Saudi Arabia (AP) — Saudi Arabia will raise oil production only when the market justifies it, the kingdom’s oil minister said Tuesday, in response to President Bush’s request that OPEC nations increase output to reduce world oil prices.

“Our interest is to keep oil supplies matching demand with minimum volatility in the oil market,” Oil Minister Ali Naimi Naimi told reporters. “We will raise production when the market justifies it. This is our policy.”


Naimi said inventory levels appear to be “normal,” adding, “we want the inventories to be healthful, but we don’t want it to be extremely high or extremely low.”

Earlier Tuesday in Riyadh, Bush warned that soaring oil prices could cause an economic slowdown in the United States.

AP