Hussein said Monday he's cutting Iraq's oil exports for 30 days
or until Israel withdraws from Palestinian territories, causing
an immediate world oil price increase. However, analysts said
world oil supplies would not be affected because most major
OPEC members have not followed Iraq's lead.
leader Ayatollah Ali Khamenei last week called on Islamic countries
to stop supplying oil for one month to countries with close
relations with Israel. Libya today said it would support the
oil trouble not related to war in the Middle East, Venezuelan
troops increased security at it oil facilities Monday as stoppages
by state oil workers reportedly halted exports. The action comes
amid a six-week-old dispute by executives and employees of the
state-run oil company PDVSA. Reuters reported shipment reductions
of about 15 to 20 percent and quoted a shipping agent who said
the country may be headed for a complete shipping halt.
the national U.S. average price for diesel fuel increased to
$1.32 per gallon this week from $1.30 last week.East Coast prices
rose 3 cents per gallon to $1.32; prices rose 3 cents per gallon
in New England to $1.38; 3 cents per gallon to $1.28 in the
Lower Atlantic states; 4 cents a gallon in the Midwest to $1.32;
and prices remained at $1.46 in California.