Saddam warns OPEC of super powers' pressure The Iraqi president made no mention of Iraq's recent accusation against Kuwait that it was stealing Iraqi oil

September 18, 2000, 12:31 PM BAGHDAD (Reuters) - Iraqi President Saddam Hussein has warned fellow OPEC member states against pressure mounted by "super powers" on producers to bring down soaring oil prices.

"The super powers will fasten the grip on oil producing countries," the Iraqi press on Monday quoting Saddam as telling a cabinet meeting held late on Sunday.

Saddam accused super powers, a clear reference to the United States and other Western nations, of using the issue of oil prices against producing countries.

"The amount of oil they (super powers) need has started to alarm them to an extend that they do not want to say how much.

That means there is concern over the amount of oil existing in the world," he said.

Saddam said the current peak in world oil prices was a natural result of increasing demand.

He also said OPEC heavyweight Saudi Arabia would not be able to meet booming world demand.

"Although Saudi Arabia has the ability to pump more oil but it, however, cannot meet world demand in a manner that it can address world worry of oil shortage," he said.

Saddam made no mention of Iraq's recent accusation against Kuwait that it was stealing Iraqi oil.

The Iraqi charges was seen by the U.S. and the West as repeating the accusations that preceeded the invasion of its neighbour in 1990, leading to the 1991 Gulf War.

Oil prices were a touch softer on Monday as Hurricane Gordon missed oilfields in the U.S. Gulf of Mexico and OPEC reiterated that it could bump up world supplies again before its November meeting.

But despite the retreat, oil remains just below 10-year peaks as traders remained concerned by the heightening of Iraq/Kuwait tension.

Iraq, whose exports are supervised by the United Nations, has not played a part in OPEC output policy since 1990. OPEC has increased output by 3.2 million barrels per day this year in an attempt to bring down soaring prices.

http://nav.arabia.com/article/0,1690,Business|29061,00.html

-- Cave Man (caves@are.us), September 18, 2000

Answers

Kuwait Iraq border tension

http://quote.bloomberg.com/fgcgi.cgi?ptitle=Bloomberg%20Energy&touch=1 &T=energy_news_front.ht&s=AOcY5tRWKQ3J1ZGUg

-- Cave Man (caves@are.us), September 18, 2000.

Just in time for Shrub Junior to finish the job that his Daddy started. They got it all planned out.

-- (shrub@new.prez), September 18, 2000.

Gore has a plan too. Gore's plan is to give Sadam a passionate kiss just like the one he gave to Tipper at the Democratic convention. This will win over Sadam, and he will pressure OPEC to produce more oil

-- Bush might not be the smartest, but he is (brighter@than.Gore), September 19, 2000.