world's supply. Americans are very concerned about the rising price of oil. in the past 10 years, the price of crude has tripled. do you see the price of oil continuing to rise? KING ABDULLAH: God only knows, but we in the kingdom of Saudi Arabia don't accept these increases. without a doubt, we have benefited financially, but we believe that the damage to other countries is tremendous. and we don't believe that the prices should be at these levels. WALTERS: is there anything that Saudi Arabia can do now to keep prices down? KING ABDULLAH: we are trying, and we continue to try. we have increased our oil production to over 10 million barrels a day and the plan is to increase it to 12 million barrels over the next four years. But the kingdom there is not much the kingdom can do. Prices are controlled by speculative markets, and competition from other markets, like china, is driving our prices up. the world's demand for oil does keep going up. --more 2327 Local Time 2027 GMT
