May 23, 2004
Bootlicking Bandar buoys Bush
In April we learned that
Saudi Arabia's ambassador to the United States, Prince Bandar bin Sultan, promised President Bush the Saudis would cut oil prices before November to ensure the U.S. economy is strong on election day, journalist Bob Woodward said in a television interview on Sunday.
I guess Bandar felt it was time to make good on his promise:
Saudi Arabia has assured the United States that it will supply up to 2 million barrels a day in additional crude oil if the market demands it, the U.S. energy secretary said Sunday. Saudi Arabia has pledged to pump an additional 600,000 barrels a day starting in June, lifting its total daily output to 9.1 million barrels, Energy Secretary Spencer Abraham told a news conference at an Amsterdam hotel after meeting privately with Saudi Oil Minister Ali Naimi.Posted by Norwood at May 23, 2004 10:09 PM"He also stated that going forward they will meet all requests up to their full capacity of 10.5 million barrels a day. I think this was a very important comment on his part," Abraham said.
Abraham said he expected the new Saudi commitment would help reassure oil markets about the reliability of supplies.
Oil prices have soared above $40 a barrel in recent weeks due to fears about instability in Iraq and other oil-rich Gulf countries, bottlenecks in gasoline production at U.S. refineries, and an unforeseen burst in global demand, particularly from China and the United States
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