Bush Says Saudi Daily Increases 300,000 Barrels of Crude Oil to Solve US Energy Problems

U.S. President Bush told the press in Egypt’s Red Sea tourist resort in Sharm el-Sheikh on the 17th that the Saudi initiative to increase the daily production of 300,000 barrels of crude oil was not sufficient to stabilize oil prices and could not solve the U.S. energy problem.
Bush said he was pleased with Saudi Arabia's decision to increase production, but not enough to increase output, and it is not enough to solve the energy problem in the United States. Bush also said that the United States will solve energy problems by strengthening exploration and exploitation of oil, improving oil refining capacity, and promoting the development of nuclear energy and other alternative energy sources.
Saudi Arabia’s oil and mineral resources minister Naimi announced on the 16th that Saudi Arabia has decided to increase its daily output of crude oil by 300,000 barrels in order to meet the demand of oil-consuming countries such as the United States. In June, the daily output of crude oil in Saudi Arabia will reach 9.45 million barrels. . Naimi also said that the current international crude oil supply and demand situation is basically balanced, and 300,000 barrels of production increase is sufficient.
However, analysts here pointed out that the increase rate of 300,000 barrels is negligible for the current international oil market and it is expected that it will be difficult to have a substantial effect on curbing international oil prices. On the 16th, oil prices in the New York market exceeded US$127 per barrel for the first time, reaching a maximum of US$127.82 per barrel.