The Iraqi President, Saddam Hussein, announced Monday that Iraq would cut oil exports for 30 days, or until Israel withdraws from Palestinian territories.
In a nationally televised speech, Saddam said all exports would be cut starting Monday. The Iraqi oil minister said the move took effect as Saddam spoke.
Iraq produces about three percent of the global oil output.
Even before Saddam’s move, oil prices recouped pre-weekend losses on Monday as a strike by oil workers in Venezuela and intensifying violence in the Middle East rekindled concerns over security of crude supplies.
Most of oil dealers have rejected a call on Friday from Iran's supreme leader Ayatollah Ali Khamenei for Arab states to launch a "symbolic" one-month oil embargo against Western countries to pressure them to stop supporting Israel.
Leading Middle East exporters Saudi Arabia and Kuwait have rejected the idea of an embargo, first raised by Iraq last week. (Albawaba.com)
© 2002 Al Bawaba (www.albawaba.com)
