Bodman, Nuaimi Agree on Stable Oil Market

U.S. Secretary of Energy Samuel Bodman and his Saudi counterpart agreed on the need for a stable oil market in a meeting Saturday in Riyadh, Saudi Arabia.

Bodman also urged Minister of Petroleum and Mineral Resources Ali Bin Ibrahim Al-Nuaimi to increase oil supply, the United Arab Emirates publication 7Days reported. Bodman told Nuaimi he believes the effect of investors on skyrocketing oil prices has been overestimated.

It’s important there’s an increase in supply, he told reporters after the meeting. We’ve looked at speculation … It doesn’t seem to have much effect on absolute figures.

President George W. Bush, during his recent trip to the Middle East, also talked to Saudi leaders about high oil prices, urging them to take action at the upcoming OPEC meeting. So far, OPEC countries have not been friendly to the idea.

The Saudi Press Agency said Nuaimi told Bodman OPEC recognizes the need to keep the market stable by providing adequate supplies.