2004 News Story

Prince Bandar discusses oil production with White House

After meeting in Washington DC yesterday with White House officials, Ambassador to the United States Prince Bandar bin Sultan bin Abdulaziz issued a press statement saying he had delivered a message from Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah bin Abdulaziz concerning issues pertaining to energy. Commenting on the belief shared by Crown Prince Abdullah and President Bush that high oil prices will have an adverse impact on the global economy, he declared that Saudi Arabia will not allow a shortage in energy supplies to occur. The Kingdom, he said, proved its policy in this respect last year, when oil production fell in Venezuela, in Nigeria, and in Iraq. He reiterated the Kingdom’s contention that the price of a barrel of oil should range between $22 and $28 as set by OPEC.