U.S. President George W. Bush (C) and Saudi King Abdullah (L) review the honour guard during an arrival ceremony at King Khaled International Airport in Riyadh, 16 May 2008

Saudi Arabia says it increased oil production in May to meet demand, following a meeting between U.S. President George Bush and Saudi King Abdullah.

President Bush requested during the meeting Friday that Saudi Arabia boost oil production in the face of soaring gas prices in the United States and around the world.

The two leaders met on the king's ranch outside the capital, Riyadh.

The Bush administration has argued inadequate supplies have pushed oil prices to all-time highs.

Saudi Arabia holds about one-fifth of the world's oil reserves and accounts for 14 percent of U.S. crude oil imports.

The price of crude oil hit a record high Friday of more than $127 a barrel during trading in New York.

Also Friday, the White House says Saudi Arabia and the U.S. signed deals to protect energy resources, enhance peaceful nuclear cooperation, broaden the fight against terrorism, and strengthen the non-proliferation of weapons of mass destruction.

President Bush's visit to Saudi Arabia is intended to celebrate 75 years of formal U.S.-Saudi relations.

Mr. Bush also travels to Egypt for meetings with President Hosni Mubarak, Palestinian President Mahmoud Abbas and Jordan's King Abdullah.

He just finished a three-day trip to Israel to mark the founding of the Jewish state 60 years ago.

Some information for this report was provided by and Reuters.