An Islamic oil embargo will be considered as a way of forcing Western nations to prevent a US-led military strike against Iraq, stated Malaysian Prime Minister Mahathir Mohamad who chaired a special meeting of the Organization of the Islamic Conference. Major Islamic producers, including Saudi Arabia, have repeatedly dismissed such calls to use oil as a weapon.
Although no decision had been reached on the suggestion, Mohamad stated that "We agreed that we should think about it, not just dismiss it." At the same time, the senior representatives of 49 Islamic countries who gathered in Kuala Lumpur also called on Iraq to fully comply with United Nations resolution 1441 and cooperate with weapons inspectors.
Oil originating from the Middle East supplies 40 percent of global demand. The 1973 Arab oil embargo imposed on the West for supporting Israel, initially raised prices but eventually rebounded, triggering recession and losing considerable market share for members of the Organization of Petroleum Exporting Countries (OPEC). — (menareport.com)
© 2003 Mena Report (www.menareport.com)
