Saudi Arabia Agrees to Increase Oil Output After Crude Hits Another New High
May 19th, 2008 | By Jason Simpkins | Category: Oil Investment & Alternative EnergyLast week, Senate Democrats introduced legislation to stop a scheduled arms sale to Saudi Arabia unless the country opened its valves a little wider.
“When the President meets with King Abdullah Friday, we cannot settle for a smile, or a handshake, or even a glimpse into his soul,” Senator Charles Schumer of New York said. “We need a commitment to pump more oil. If Saudi Arabia and other OPEC countries do not substantially increase production, we in Congress will block their lucrative arms deals.”
“The United States and Saudi Arabia have agreed to cooperate in safeguarding the kingdom’s energy resources by protecting key infrastructure, enhancing Saudi border security, and meeting Saudi Arabia’s expanding energy needs in an environmentally responsible manner,” a White House statement said.
According to Reuters, the United States and Saudi Arabia will sign a memorandum of understanding to cooperate on a peaceful nuclear program.
“This agreement will pave the way for Saudi Arabia’s access to safe, reliable fuel sources for energy reactors and demonstrate Saudi leadership as a positive non-proliferation model for the region,” the White House statement said.
Source: Saudi Arabia Agrees to Increase Oil Output After Crude Hits Another New High
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