Business News
: Saudi Arabia increasing oil production and time frame
By DPA
May 16, 2008, 20:14 GMT

Riyadh - The royal house of Saudi Arabia is boosting oil production by 300,000 barrels a day, Saudi officials said Friday, handing a diplomatic boost to US President George W Bush during his official visit there.

The decision was made on May 10 in response to requests by 50 customers worldwide, Saudi Oil Minister Ali al-Naimi in Riyadh was quoted as saying Friday by Bloomberg financial news service.

The announcement came after a meeting between Bush and Saudi Arabia's King Abdullah.

Earlier today, US National Security Adviser Stephen Hadley said the Saudi policy was to supply extra oil only if customers needed it.