Saudi Arabia has disregarded a U.S. request, and has rejected to increase crude oil production
Saudi Arabia has disregarded a U.S. request, and has rejected to increase crude oil production.
Saudi Oil Minister Prince Ali Al Naimi asserted that the global oil market was not experiencing a shortage.
Addressing a conference in Paris on April 9, Al Naimi said that neither OPEC nor Riyad would raise production quotas, which he asserted was unconnected to record prices.
The statement came about two weeks after a visit to Riyad by U.S. Vice President Richard Cheney. Cheney, in an effort to press for higher oil production, met Saudi King Abdullah as well as Al Naimi.
"I am not going to pull back," Naimi said. "I'm not going to dump crude on the market. In my perspective, the oil market is well-supplied. The price is not at that level because of any shortage in supply."
