Woodward claims the Saudis have made a deal with the White House to force down the price of oil to help Mr Bush get re-elected. He told the US 60 Minutes that Prince Bandar has promised Mr Bush the Saudis would boost output to cut the price of oil - and US petrol prices - ahead of the November poll.

"That's the Saudi pledge," Woodward said. "As we get closer to the election, they could increase production and the price would drop significantly."