AFX News Limited
Cheney to urge Saudi Arabia to cool oil prices via OPEC crude production boost
03.10.08, 10:24 AM ET
LONDON (Thomson Financial) - US Vice-President Dick Cheney will urge key OPEC member Saudi Arabia next week to push the oil cartel to boost output in an effort to rein in sky-high prices, the White House said.
OPEC, which is responsible for around 40 pct of global crude supplies, held production quota levels unchanged when it met in Vienna last Wednesday, claiming the market is well supplied with crude.
The cartel ignored a last-ditch warning from US President George Bush on Tuesday, who pointed out it would be a 'mistake' for OPEC not to increase supplies, with the world's largest oil-consuming economy already under duress.
OPEC has consistently blamed the recent run-up in prices on financial speculation and weakness in the US dollar rather than a constrained supply.
Oil prices hit an all-time record of 106.54 usd per barrel in New York on Friday.