Re. KSA: "Where Are Those 12.5 Million Barrels/Day Their Oil Minister Has Been Promising Forever?"

[hatrack]

WASHINGTON (Reuters) - President Bush is unlikely to complain about oil prices near $100 per barrel when he meets with Saudi Arabia's king next week, even though prices have nearly doubled since the last time the two met in 2005. When he arrives in Riyadh on Monday, Bush would be well within his bounds to quiz the Saudis on how the de facto leaders of the OPEC cartel can tame oil prices that are an added blow to a U.S. economy tilting toward recession.

Saudi Arabia, the world's biggest oil exporter, produces about 9 million barrels per day and is in the midst of a major capacity boost aimed at relieving drum-tight global supply. "Where are those 12.5 million barrels per day that their oil minister has been promising forever?" said Thomas Lippman, adjunct scholar at the Middle East Institute.

The day the former Texas oil man walked arm-in-arm with King Abdullah, then the Crown Prince, at Bush's Texas ranch in April 2005, oil cost around $54 a barrel, a level that Saudi officials admitted was "clearly too high."

With prices now near $93 a barrel, Bush is likely to focus on the Israeli-Palestinian peace process when the world's biggest oil consumer and its biggest exporter meet.

EDIT

http://africa.reuters.com/country/NG/news/usnN11313242.html

[bahrbearian]

1. I'm waiting for "Delicious Indian Mango's " too.