The United States does not see OPEC countries using oil as a weapon therefore cutting supply as a means of retaliation against Israel or its supporters due to the latest action of the Israelis against the Palestinians in the Middle East, U.S. Energy Secretary Bill Richardson said Thursday speaking to reporters on an energy conference in Washington.
Richardson added "we have no reason to believe that OPEC governments will cut oil production" amid some of the worst violence to hit the Middle East in recent years.
A Senior Diplomat said on Thursday, that the use of oil as a weapon in response to the escalating violence between Palestinians and Israelis "is not an option.", said such a response would "complicate things further, wrote a middle east local newspaper"We have matured since the 1970s," says Dr. Shafeeq N. Ghabra, a Kuwaiti spokesman in Washington. "We're beyond the issue of using oil, such an important commodity for the world, as an objective for achieving political objectives." the wsj wrote.
Another Senior Gulf Diplomat said oil as a weapon is not an option "This is not an option, it will only complicate things further. What is going on should stop but this is not the way. Oil is a strategic commodity," the diplomat said, reported Bridge News.
NYMEX crude oil futures went up more than 8 percent on Thursday. Nov crude also up $2.85 to $36.10 per barrel, while IPE Nov Brent when up $2.76 to $34.55.
By Elio Ohep
© 2000 Mena Report (www.menareport.com)