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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: wannaBrich who wrote (68485)10/25/2000 3:58:00 PM
From: john  Read Replies (1) of 150070
 
(COMTEX) B: Mideast hostilities put more pressure on oil prices
B: Mideast hostilities put more pressure on oil prices

MONTREAL, Oct 25, 2000 (The Canadian Press via COMTEX) -- The latest
hostilities in the Middle East have put renewed pressure on international oil
prices, Mexico's finance minister said Wednesday. Meeting reporters during a
break in deliberations of the G-20 countries, Jose Angel Gurria said
oil-producing countries like his have boosted production, which has eased
pressure on prices.

But Gurria said the better balance between supply and demand is being threatened
again by Mideast violence.

"Middle East tension is exacerbating tension and there is stock building because
of the uncertainty," said Gurria.

"This has not allowed the balance between supply and demand to function as it
should."

Canada, Brazil, Saudi Arabia and Indonesia are other oil-exporting countries who
are represented at the two-day conference in Montreal which ended Wednesday.

The high price of oil was not on the G-20 agenda but forced itself into the
discussions because the high price has pinched the economies of industrialized
nations and led to protests in many countries.

The finance ministers and central bank governors came to Montreal mainly to find
a consensus on ways to minimize the effects of financial crises on global trade.

Their remedy is to focus on globalization, allowing the free passage of goods
and services between all countries, coupled with common rules and standards for
institutions like banks.

Several groups including the Council of Canadians have staged protests against
globalization, blaming it for increasing inequalities in the world,
environmental destruction and exploitation of workers.

Gurria noted that his country has just signed a free trade agreement with the
European Community. He believes the best way to help the 40 million poor people
in his country of 100 million is freer trade.

"We have to open borders before talking about social questions," Gurria noted.
"That could help resolve a lot of problems of developing countries."

Paul Martin, Canada's finance minister and chairman of the meeting, said his
goal is "to make globalization work for everyone."


ALLAN SWIFT
The online source for news sports entertainment finance and business news in Ca
ada
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