Bush hopeful on supply hike

OIL HOPES: Bush hopes his discussions over oil prices with Saudi's King Abdullah will prompt a production increase from Opec. (Getty Images)

US president George W. Bush hopes that as a result of his talks with King Abdullah of Saudi Arabia Opec will be encouraged to increase production to help alleviate high oil prices, the White House said on Wednesday.

"The president said that there is a hope as a result of these conversations that Opec would be encouraged to authorise an increase in production," White House spokeswoman Dana Perino told reporters travelling with Bush to Egypt from Saudi Arabia.

"The president said that the king says that he understands that the high price of oil can negatively affect economies around the world, and when economies aren't growing as fast as they have been other economies are going to suffer," Perino said.

"So the president believes it's in everyone's interest to have adequate supplies of oil to deal with the amount of demand," she added.

Bush had said he would bring up the issue of high oil prices, which have touched $100 a barrel, with King Abdullah during his stay at the king's desert ranch on Tuesday.

"The president said he was going to bring it up with the king and he did," Perino said. (Reuters)

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