Saudi, US officials pledge response to tight oil markets  Nick
Snow Washington Correspondent  WASHINGTON, DC, May 18 -- Saudi
Arabian and US government officials expressed their
determination May 17 to respond to tight oil markets that have
pushed prices above $50/bbl. But they emphasized that their
countries wouldn't be able to solve the problem by themselves.
"Let me assure you that Saudi Arabia is responding to the
challenges we face in today's oil market," said Ali I. al-Naimi,
Saudi minister of petroleum and mineral resources.  Efforts
include offering additional crude oil as needed, expanding
production capacity to meet future demand and maintain spare
capacity, building refineries while expanding existing plants
domestically and abroad, upgrading the Saudi tanker fleet, and
investing in new technology, he said.  Achieving stable oil
prices and balanced markets requires a global effort, Naimi told
a Washington conference sponsored by Saudi Aramco, Chevron
Corp., and the Center for Strategic and Interna