Kuwait vowed Wednesday, September 11, to help make up any shortfall of oil supplies on world crude markets after a series of deadly terrorist attacks rocked the United States.
"There will not be a fall in supplies. But in case of such a fall, Kuwait will take the necessary measures to guarantee the stability of the world market in cooperation with other OPEC members," a senior Kuwaiti oil official told the KUNA news agency.
In London, a barrel of North Sea Brent crude for October delivery was selling at $30.10 in frantic trading on Tuesday compared with a price of $27.26 before two planes crashed into the two World Trade Center twin towers in New York and another crashed into the Pentagon.
"The main reason for this price rise is psychological," the official said. "It is normal for oil markets to be influenced by the closure of airports, ports and financial markets. This fall is normal but will not last."
Ali Rodriguez, secretary general of the Organization of Petroleum Exporting Countries (OPEC), said Tuesday the cartel's 11 member states were "ready to use their surplus capacities if necessary," in order to insure "a sufficient supply to the markets" and the stability of prices. ― (AFP, Kuwait City)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)
