The world's top oil exporter Saudi Arabia told the world's largest energy consumer the United States it was ready to pump more oil, but saw no need to do so for now, a US official said on Friday. On his second visit to the kingdom this year, US President George W. Bush met Saudi King Abdullah on Friday to renew his appeal for more oil from OPEC to tame record oil prices. Saudi Oil Minister Ali Al-Naimi reiterated his pledge to give customers all the oil they want, but saw no unmet demand, Stephen Hadley, Bush's national security adviser, told reporters after Saudi and US officials met. “The Saudi government has reiterated their policy that Saudi Arabia is willing to put on the oil market whatever oil is necessary to meet the demand of Saudi Arabia's customers,” Hadley told reporters. Al-Naimi told Bush and other US officials in a presentation that an increase in crude oil output would not lead to a dramatic reduction in US pump prices, Hadley added. US oil hit a record near $128 a barrel on Friday. The US says more supply would help lower prices, while OPEC officials blame the high price on factors beyond their control, such as speculation and the weak dollar. Bush has come under increasing domestic pressure to act as the price of oil weighs on the economy. “We have not enough supply and too high demand,” White House spokeswoman Dana Perino said before the meeting. “Trying to get more supply out there is good for everyone.” Saudi Aramco has announced plans to go ahead with two new 400,000 bpd refineries this week, one with France's Total and another with USfirm ConocoPhillips.
