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World Briefing | SAUDI ARABIA

U.S. says oil production is lagging

June 22, 2008|From Times Wire Reports

U.S. Energy Secretary Samuel Bodman said insufficient oil production, not financial speculation, was driving soaring crude prices.

His comments on the eve of an energy summit in the Saudi port city of Jidda set the stage for a showdown between the United States and conference host Saudi Arabia, which has largely blamed speculation in the oil markets for the record prices.

Bodman said production had not kept pace with growing demand, especially from developing countries such as China and India.

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