In another development, the Iraqi press said that President Saddam Hussein has warned fellow OPEC member states against pressure mounted by “super powers” on producers to bring down soaring oil prices.
“The super powers will fasten the grip on oil producing countries,” the Iraqi press Quoted Saddam as telling a cabinet meeting held late on Sunday.
Saddam accused super powers, a clear reference to the United States and other Western nations, of using the issue of oil prices against producing countries.
“The amount of oil they (super powers) need has started to alarm them to an extend that they do not want to say how much. That means there is concern over the amount of oil existing in the world,” he said.
Saddam said the current peak in world oil prices was a natural result of increasing demand.He also said OPEC heavyweight Saudi Arabia would not be able to meet booming world demand.
“Although Saudi Arabia has the ability to pump more oil but it, however, cannot meet world demand in a manner that it can address world worry of oil shortage,” he said. Saddam made no mention of Iraq's recent accusation against Kuwait that it was stealing Iraqi oil.
( Jordan Times )
© 2000 Mena Report (www.menareport.com )