The story

Saudi Arabia Friday rebuffed President Bush's request to immediately pump more oil to lower record prices, saying it does not see enough demand to increase production.

The Saudis said they would increase production if customers demanded it, Steven Hadley, Bush's national security adviser, said.

Ali al-Naimi, the Saudi oil minister, on Friday said the country had increased its production by 300,000 barrels a day on May 10 in response to customer requests.

Al-Naimi said the increased production would bring Saudi Arabia's daily production to 9.45 million barrels per day by June.

Bush is spending much of the day in closed-door meetings with King Abdullah, the Saudi ruler. Read full article »

CNN's Ed Henry contributed to this report.

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