13 January 2003
White House Report, Jan. 13: BUSH VIEWS AS WELCOME STEP OPEC DECISION TO INCREASE PRODUCTION
(Press Secretary Ari Fleischer briefed) (830) BUSH VIEWS AS WELCOME STEP OPEC DECISION TO INCREASE PRODUCTION Asked to give the Bush administration reaction to the Organization of Petroleum Exporting Countries' decision to increase production, Fleischer said President Bush "views OPEC's action to increase production, particularly given the protracted dispute in Venezuela, as a welcome step. It will increase global energy supplies and support global economic growth. The President views this as a welcome step." Asked how much the oil strike in Venezuela is affecting the U.S. economy, Fleischer said "you can talk to any number of economists and get any number of different answers about it, particularly given the fact that OPEC is going to take this action that is, as I indicated, a welcome step that does address the situation in Venezuela." "Ultimately, the markets will be the determinant of whether or not it's sufficient. But obviously, the President views this as a welcome matter," Fleischer said. The Organization of Petroleum Exporting Countries agreed January 12 to lift output by 7 percent beginning February 1 to compensate in part for an estimated two-million-barrel-a-day Venezuela output reduction because of the strike. (Distributed by the Office of International Information Programs, U.S. Department of State. Web site: http://usinfo.state.gov)
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