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Politics : Stockman Scott's Political Debate Porch
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To: Jim Willie CB who wrote (646)6/25/2002 10:04:33 AM
From: stockman_scott   of 89467
 
U.S. Oil Up on Middle East Tensions as OPEC Gathers

By Bernie Woodall

NEW YORK, June 24 (Reuters) - U.S. oil prices rose on Monday amid renewed Middle East tensions as OPEC ministers gathered in Vienna with plans to keep crude output quotas in place for the third quarter of 2002.

Crude prices continued to rise in overnight trade after U.S. President George W. Bush called for new Palestinian leadership as a requirement for a Palestinian state.

Bush outlined a plan calling for a provisional state called Palestine within 18 months.

After Bush's Monday afternoon speech from the White House, senior Palestinian officials rejected any demand that the Palestinian president, Yasser Arafat, step down.

Bush also called on Israel to stop building settlements in territories where Palestinians have been waging an uprising.

Crude for August delivery on the New York Mercantile Exchange was up 22 cents at $26.69 in after-hours trade, after settling up 65 cents at $26.47 in the day session.

U.S. crude prices are about 35 percent higher than at the end of 2001.

Earlier on Monday oil gained as Israeli troops surrounded Arafat's headquarters and killed six Palestinians, in a helicopter missile strike, part of a broad military campaign after two suicide bombings in Israel killed 26 last week.

Israeli Prime Minister Ariel Sharon said this attack was only the beginning of "massive activities" against Islamic military movement Hamas in the Gaza Strip. Four of the six killed in the helicopter attack were Hamas members.

U.S. gasoline prices on Monday were $1.39 per gallon for self-serve regular, down almost two cents from a month ago and down 20 cents from a year ago.

Ministers of the Organization of Petroleum Exporting Countries (OPEC) arriving in Vienna for their Wednesday meeting expressed concern about members producing over quotas in place since January of 21.7 million barrels per day (bpd).

Independent assessments of production of 10 OPEC nations participating in the quota system show the cartel is about 1.5 million barrels per day (bpd) over the 21.7 million bpd quota.

With oil prices on the rebound, the temptation increases for OPEC nations to raise production. OPEC's nations have the ability to produce an additional 6 million barrels per day.

World daily consumption is around 75 million bpd.

OPEC since 1999 has set curbs on production to reverse sagging prices. Iraq, and 11th OPEC nation, is exempt from the quota system because its oil exports are monitored by the United Nations.

slb.com
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