Saudi Arabia

May 2008 | Ratings Update

Saudi Arabia recently raised oil output to its highest level in more than two years after US President George W Bush appealed to King Abdullah II to hike output to curb rising oil prices during a meeting in Riyadh. The Kingdom claimed the decision to increase output by 300,000b/d (or 3.3%) was a response to lower output in other OPEC countries and was made a week before Bush's visit. However, the move was more likely a response to the US president's plea for more oil, the second he has made this year, as Saudi Arabia remains a key US ally

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