Iraq cuts off oil
lnp3 at panix.com
Mon Apr 8 06:45:52 MDT 2002
Guardian, Monday April 8, 2002
Iraq suspends oil exports
Mark Tran and agencies
Iraq today jolted the oil markets by declaring an immediate halt to oil
exports for a month, or until Israel stops its offensive against the
The move, announced by Saddam Hussein in a nationally televised speech,
immediately sent prices of crude oil up by $1 to $27.35. In recent days,
oil prices have risen to a six-month high, partly because of a pickup in
the global economy, but also because of concern over the fallout from the
Iraq first raised the prospect of using oil as a weapon early last week, a
call that was quickly seconded by Iran, its traditional regional rival. But
Iran's foreign ministry spokesman, Hamid Reza Asefi, later tempered that
message by ruling out any unilateral moves.
"This is not a decision that one country alone can make. It would be
efficient if all Islamic and Arab countries cooperated on this issue," Mr
However, today Libya jumped on the oil as a weapon bandwagon.
"The great Jamahiriya [Libyan republic] supports Iran's call to stop oil
supplies to countries that back the Zionist entity," the Libyan news agency
Jana reported, quoting an unnamed government official.
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