Opec ignores US calls to raise oil production

Opec decided today to keep oil production unchanged despite a last ditch effort by President George W. Bush to pressure the cartel into raising oil production to dampen record fuel prices.

President Bush said it was "mistake" for Opec (the Organisation of Petroleum Exporting Countries) not to increase fuel supplies after oil reached a new record of $103.95 a barrel yesteday while America appeared to be careering closer to a recession.
However, the Opec member states, who are responsible for 40 per cent of the world's oil, decided at a meeting in Vienna that there would be no increase to the daily output of oil.

Opec president, Chakib Khelil, the Algerian oil minister, said: "Opec is now producing 32 million barrels a day. As a result, the market continues to be well supplied."
The US is the largest energy consumer globally, and President Bush said: "I think it is a mistake to have your biggest customer ecomony slow down, or your biggest customers' economy slowing down, as a result of high energy prices."

But the Saudi oil minister, Ali al-Nuaimi, said: "The current oil price has nothing to do with market fundamentals and is linked to the futures market, which is witnessing bewildering speculation."

Dearbail Jordan
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What is President Bush implying is a reason behind the slowing economy in the United States?

What is Ali al-Nuaimi reason for not raising crude oil output?

Do you think that OPEC should raise output to help lower gas prices in the United States?
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