Saudi Arabia on Friday gave no concrete promises to visiting U.S. President George W. Bush who is in the oil-rich kingdom to press for an immediate increase in its oil production to help tame record oil prices.

U.S. President George W. Bush (2nd R) is welcomed upon arrival by Saudi Arabia's King Abdullah (L) in the Royal Terminal at Riyadh-King Khaled International Airport in Riyadh May 16, 2008.

On May 10, the kingdom already raised supplies to customers by increasing oil output of 300,000 barrels per day (bpd) and "supply and demand are in balance today," Saudi Oil Minister Ali al-Naimi told a press conference, while Bush held talks with King Abdullah bin Abdul-Aziz.

Saudi oil output in June would reach 9.45 million bpd and the kingdom sees fundamentals in oil markets were sound now, Naimi said.

The oil minister, however, promised that "if the need appears, Saudi Arabia has no objection to producing more."

King Abdullah and President Bush met in the king's ranch in Al- Jnadreyah, near Riyadh, on bilateral cooperation in all fields. They signed a memorandum of understanding on cooperation in nuclear energy and an agreement on technological cooperation, according to the official SPA news agency.

They also touched upon issues in the Middle East, particularly the chronic Palestinian-Israel issue, and conditions in Lebanon and Iraq, said SPA.