Iraq: Oil minister urges OPEC to resist "pressures", criticizes Saudi oil policy
September 27, 2001 8:43am
09/27/2001
Text of report by Iraqi TV on 26 September
Oil Minister Dr Amir Muhammad Rashid has reiterated Iraq's firm commitment to its oil policies to maintain the rights of oil producing and consuming countries by striking a balance in the oil market and resisting the pressures of the US administration and the Western countries, which seek to harm the rights of the oil producing countries. These remarks were made in a statement by the oil minister to reporters.
[Rashid - recording] Iraq's stand, as was spelt out by leader President Saddam Husayn, God watch over him, has been firm for decades: Iraq wants to maintain the stability of the oil market and achieve fair and rewarding prices for the oil producing countries without harming the consumer countries. This can only be attained through an independent will that does not succumb to pressures. Therefore, Iraq has always been influential inside OPEC, demanding to resist foreign pressures and asking the member states to take into account the economic factors and the oil market variables, and not to be influenced by the narrow interests of the other countries, which only seek to harm and confuse the oil market.
There are two examples in this regard. The first is what happened late in 1997 when the US administration asked Saudi Arabia to flood the oil market by increasing its production without any economic justification by 2.5m b/d. This resulted in the collapse of oil prices, as we recall. In 1998, oil prices fell as low as eight dollars p/b. Iraq resisted this attempt in late 1998 and the beginning of 1999. All of us remember the article written by leader President Saddam Husayn, God watch over him, in the newspaper Al-Jumhuriyah on 23 January 1999, which prompted the Oil Ministry to make greater efforts within OPEC to circumvent the Saudi stand. Since then, oil prices have returned to normal levels. Iraq always resists such attempts, but regrettably, the Saudi stand is always subservient to the US stand.
The other example is what happened two days ago when the Saudi minister stated without any justification and in an attempt to cast doubt over the OPEC ministerial conference, which was held in Vienna today, that Saudi Arabia is ready to pump an extra 3m b/d. Within 20 minutes only, oil prices fell by three and a half dollars per barrel. Imagine how much damage was done to the economies of the oil producing countries in particular, OPEC member states, and the Saudi economy as well. This statement was only intended to satisfy the United States, which always asks Saudi Arabia to confuse the oil market and keep oil prices fluctuating to benefit the brokers and serve other political reasons.
Source: Iraqi TV, Baghdad, in Arabic 1700 gmt 26 Sep 01 |
