Washington: The Arab states are committed to the reduce oil prices

The US treasury secretary John Snow said yesterday that the Arab ministers of finance notified the Bush Administration they are committed to the reduction of oil prices.

Snow told CNN that it is very necessary to reduce the prices for the USA, noting that he had met with the Arab ministers and discussed with them the need of an increase in the production quota system. He added " we got very good answers and they have stressed to us reducing the prices."

For his part, the Kuwaiti minister of energy, Sheikh Ahmad Fahd al-Ahmad al-Sabah, said that OPEC pumps 30 million barrels daily of oil, and thereby exceeding its production ceiling in an attempt to limit the large increase in oil prices. He explained that the problem is not linked to demands or the shortage in the available amounts, rather linked to security matters and fears in the market."

The Saudi minister of oil, Ali al-Nueimi, said that Riyadh has a production capacity which is not exploited yet estimated at 1.5 million barrels daily. replying to a question on the speech by which Saudi Arabia can operate this extra energy, he said "we can do that immediately."