Bush asks Saudi Arabia to increase oil output

U.S. President George Bush flew to Saudi Arabia to make a renewed appeal for the kingdom to help cut record-high oil prices. Saudi Arabia and the Organization of Petroleum Exporting Countries have been asked repeatedly to increase their production of oil to ease supply constraints in an attempt to lower oil prices.

In January, when Saudi Arabia was first approached, the oil minister said that oil production was at normal levels and production would be increased only if the market justified it, the Guardian reported.

But now the United States is threatening to block $1.4 billion in arms sales to Saudi Arabia if it does not increase its oil production by 1 million barrels per day.

The price of crude oil has traded at new highs since the beginning of the year, and analysts are predicting it will eventually reach $200 a barrel.