Saudi Arabia keeps their promise to Bush

Saudi Arabia has said it wants OPEC to increase oil production by 1.5 million barrels a day, an increase of 6.4 percent.

That will put the production a half million barrels above the level it was at before the cut in April.

Iran has said that Saudi Arabia wants the increase for political purposes but it will not oppose it.

Prices slid after Saudi Arabian Oil Minister Ali al-Naimi said OPEC should raise its production target by at least 1.5 million barrels per day (bpd) from the current 23.5 million bpd ceiling it meets on June 3.

"We in the kingdom estimate the required increase of the ceiling should not be less than one and half million barrels per day," Naimi said.

"It is certain that the kingdom believes that increasing OPEC production ceiling is essential to keep supply and demand balance."

Bloomberg
Reuters
Tehran Times (Iran will not oppose increase)

[Edited on 10-5-2004 by AceOfBase]

Hmmm, does this threads title seem slightly biased? After reading the links posted, I did not read ANYWHERE that this was any DIRECT link between a request by the President, and giving in to that request.

Also note that almost every president from Carter on out has asked opec for stable/good prices during election years.

So whats the big deal?
Oh i get it, this is going to go right into the "bush/bin laden crime families" diatribe....The one linking Bush with evil saudi's....the one with no tangible evidence of more than business deals and NO PROVABLE WRONG DOING.

IF any president asked opec for lower prices, and they complied, why wouldnt i be happy? who cares who the president is, i only care that fuel prices stabalize!

So sorry, here's a link for you:
CNN

The Bush administration, worried about rising gasoline costs in a U.S. election year, has led calls for OPEC to increase supplies.

The CNN article ACE cites, also mentions 3 other prominate policy leaders that were "concerned", or "pleased" at Saudi's decision to increase oil production.

This implies to me that more leaders than Bush were concerned about this issue.

In fact the Saudi's themselves were concerned that high prices would lower demand, and thus lower their overall cash flow. The less oil they sell due to high prices, the less they make overall. (They might get more for a barrel, but if their selling thousands of barrels less per period, they arent going to make $$$)

If oil cost get too high, the WORLD economey will be affected...demmand will slow, sales will too, then the price of oil REALLY plummets beyond what OPEC would like to see.....

Opec has been playing this game for decades,
Why is this new or newsworthy?

And why only a BUSH wish? No slant on this threads title?

Be honest!

As ACE has not returned to defend his position, and no one else has rebuttled my posts for over a week now, im going to declare myself correct, and the winner!!!!!

Anti bush bias was definatly slanting the original thread,
and i blasted big holes in the arguments presteted..
i declare this thread dead!
CazMedia has the last word yet again!!!!!