The Kingdom will pump more oil based on customers' demands, Ali Al-Naimi, Saudi Minister of Petroleum and Oil, said here Friday. Oil and oil prices reaching new records high were main concern of US President George W. Bush's visit to Riyadh Friday. This is the US president's second visit to the Kingdom since he took office. Regional issues also figured during Bush's visit. “The discussion was carried out in a friendly fashion,” said Prince Saud Al-Faisal, Saudi Minister of Foreign Affairs during a joint press conference held alongside Saudi Minister of Petroleum and Oil Friday. “Minister Naimi explained out policies and he (Bush) seemed satisfied with the presentation. President Bush did show great concern regarding the impact on the US economy and he sympathizes with him.” Prince Saud said. Al-Naimi said, “Saudi Arabia always positively cooperates with its customers, and when there is a demand we supply.” “However, if we need to sell more we need a buyer, bring in a customer then we can supply more oil.” Naimi explained that the Kingdom had increased its production by 300,000 barrels a day on May 10 in response to customer requests. Naimi said most of the extra supplies would go to buyers in the United States, the world's largest energy consumer. Naimi also explained that an increase in oil output would not lead to a dramatic reduction in US pump prices, due to the fact that the fundamentals of the oil prices have already been stable. Naimi said, “The reason behind the high oil prices is not created by supply and demand but due to the problem with the refineries, political tension in regions such as in South America and Iraq, the weak dollar and the role of investors in the commodities market.” Saudi Arabia is currently spending $90 billion on boosting output capacity at home and abroad. “We are planning to boost crude oil production capacity to 12.5 million barrels per day (bpd) from about 11.3 million bpd,” said Naimi. The Saudi Foreign Minister said that the Kingdom had closely followed with interest the US president's speech in the Israeli Knesset. “We are all aware of the special US-Israel relation and its political dimensions,” said Prince Saud. “However, it is important also to affirm the legitimate historical and political rights of the Palestinian people under international law and its legitimate resolutions, which are still confiscated by the Israeli occupation.” Prince Saud said, “The Kingdom welcomes the Arab Ministerial Council agreement that discussed Lebanon and hope it will be implemented.” We must praise the efforts of the Arab committee which resulted in the ease in the Lebanese crises,” said Prince Saud. “We hope the measures for opening Beirut International Airport and harbor and all roads and return of the situation to what it was before the recent events and not to recur.” __
