OPEC has no plans to "punish" supporters of Israel by lowering exports to the West in reatliation for the latest Middle East violence, Iran's representative to the cartel said in Tuesday's press.
But Hossein Kazempour Ardebili warned the Organisation of Petroleum Exporting Countries would be "forced to take action" if the bloodshed continues, the Hambastigi paper reported.
For the moment there are no intentions to "punish the West for its support of the occupying regime of Jerusalem," he said.
The price of Brent oil climbed sharply to 31.45 dollars Tuesday after the main parties in the Middle East summit in Sharm el-Sheikh gave up hope of reaching a full accord and worked instead towards a binding statement.
Prices have been volatile amid concern that oil-producing Gulf states might be drawn into the Israeli-Palestinian stand-off and withhold supplies in support of the Palestinians.
The world's biggest producer, Saudi Arabia, warned last week that Gulf Arab states would not stand by while Israel made "the slightest intolerable step" against the Palestinians haunted the market.
"There is a growing fear that the world is experiencing a repeat of 1973, when Arab countries imposed an oil embargo on those consuming countries that supported Israel in its war with Egypt," the Centre for Global Energy Studies said in its Monthly Oil Report published on Monday.—AFP.
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)