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Gold/Mining/Energy : Oil & Gas Price Economics -- Ignore unavailable to you. Want to Upgrade?

To: Ed Ajootian who wrote (206)	3/31/2000 11:00:00 AM
From: kingfisher	Read Replies (1) \| Respond to of 350

Following article confirms that U.S.went too far and overeacted to rising oil prices.It has increased Opec's resolve. Iran's Rafsanjani Slams U.S. Lobbying on Oil Output -------------------------------------------------------------------------------- REUTERS INDEX \| INTERNATIONAL \| BUSINESS \| TECHNOLOGY -------------------------------------------------------------------------------- Filed at 10:26 a.m. ET By Reuters TEHRAN (Reuters) - Former Iranian president Akbar Hashemi Rafsanjani lashed out at the United States on Friday for lobbying OPEC members to increase oil production, which he said would lead to the ``plunder' of producers' resources. ``A superpower...forced these states to pave the way for the plunder of their wealth,' Rafsanjani, who now heads a top state body, said in a Friday prayer sermon carried by state radio. ``The action by America's president was a bad move and regrettable,' Rafsanjani said, referring to telephone calls by President Clinton to leaders of oil producing countries. The White House said on Wednesday that it saw no reason to apologize for what Iran called its heavy-handed lobbying of OPEC members for a production increase. Rafsanjani said producers received just 25 percent of total revenues from their oil while Western states pocketed 75 percent through taxes and other charges. ``If oil is to become cheaper, why don't they cut their taxes? Why should it be paid out of the pockets of producers and those who are needy themselves? ``Who is more deserving, the governments of Japan, America, Britain, Germany, and France or the peoples of our countries which have been exploited for centuries?,' Rafsanjani asked. He also called on OPEC members to close ranks after the recent rift in the cartel. Nine members of the Organization of Petroleum Exporting Countries agreed this week in Vienna to increase output by 1.45 million barrels per day (bpd) from April 1 to curb prices. Iran objected to the deal but said it would raise production to maintain its market share, effectively taking the output hike to above 1.7 million bpd. . Iran said on Thursday ``pressures' on OPEC by its arch-foe, the United States, breached free trade norms. Ask questions, give answers and tell other readers what you know. Join Abuzz, a new knowledge network from The New York Times. -------------------------------------------------------------------------------- Home \| Site Index \| Site Search \| Forums \| Archives \| Marketplace Quick News \| Page