Crude oil prices soared Tuesday, January 14, to a two-year high after UN Chief Arms Inspector Hans Blix affirmed that there was evidence that Iraq has “imported weapons-related material in violation of the prohibitions of the Security Council.”
Also yesterday, a smuggled consignment of military equipment destined for Iraq was seized at Beirut airport. The 13.2-ton shipment—including 600 tank crew helmets, uniforms and 240 wireless communication sets for tanks—arrived in Lebanon aboard a flight from Belarus, reported AP. The containers were intended for land transport to Iraq, via Syria.
Adding to market fears of an imminent strike on Iraq, US President George W. Bush issued yesterday a warning to Iraqi ruler Saddam Hussein. “I haven't seen any evidence that he has disarmed… I'm sick and tired of games and deception," stated Bush.
The ongoing oil strike in Venezuela, military buildup in the Gulf and yesterday’s remarks quickly overshadowed OPEC’s Sunday commitment to boost combined output by 1.5 million barrels per day (bpd). Fears of low supplies in the coming months have sent London Brent crude oil to up to $31.25 yesterday, its highest level since October 2000. In New York, February crude reached $32.37 a barrel. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
