- Title: VARIOUS: OIL PRICES COOL AFTER ISRAELI TROOPS PARTIALLY WITHDRAW FROM WEST BANK.
- Date: 9th April 2002
- Summary: (U5) ADANA, TURKEY (APRIL 9, 2002) (REUTERS) 1. VARIOUS: OIL TANKS; OIL PIPES; HARBOUR (7 SHOTS) 0.29 (U5)UNIDENTIFIED LOCATION, IRAQ (FILE) (REUTERS) 2. LV/GV: VARIOUS OF OIL REFINERY (4 SHOTS) 0.51 (U5) LONDON, UNITED KINGDOM (APRIL 9, 2002) (REUTERS) 3. GRAPHICS SHOWING OIL PRICE RISE AFTER IRAQI CRUDE EXPORT SUSPENSI
- Embargoed: 24th April 2002 13:00
- Keywords:
- Location: LONDON, ENGLAND, UNITED KINGDOM; ADANA, TURKEY; NEW YORK, UNITED STATES; VARIOUS UNIDENTIFIED LOCATIONS
- City:
- Country: USA Turkey United States England United Kingdom Iraq
- Reuters ID: LVAEIT3Z946JVERHZRO7RAQRLMK9
- Story Text: Oil prices retreated on Tuesday after Israeli troops
partially withdrew from the West Bank and the market calmed
after jumping on Iraq's crude export suspension to support
Palestinians.
Israel's withdrawal from two West Bank towns cooled
prices on Tuesday morning (April 9, 2002) which the previous day
reached another high of 28 US dollars per barrel after Iraqi
President Saddam Hussein had announced a one-month halt to oil
supplies to protest Israel's incursion into Palestinian areas
of the West Bank.
However, prices jumped again nearly 40 cents in the
afternoon after Israeli Prime Minister Ariel Sharon said the
offensive against Palestinian territories would continue.
Sharon was speaking in response to the killing of 13 Israeli
soldiers in fighting at the Jenin refugee camp -- the biggest
single loss of life for Israel since the Palestinian uprising
started 18 months ago.
"I think what everyone would like to see is some stability
in oil price. If it would stabilize somewhere around 25
dollars per barrel, that would be quite acceptable. If it goes
beyond, if it exceeds the upper bound of the range, and we are
talking about 28 dollars plus, than I think there is a danger
of the recovery to be jeopardized," said market analyst Mike
Lenhoff.
The Turkish energy ministry confirmed Iraqi oil exports
from the Turkish Ceyhan port had stopped at 1000 GMT on
Monday. But the ministry also said the it had been expecting a
pause in pumping even before Saddam's announcement because
storage tanks were full at Ceyhan port.
Iranian authorities also said on Tuesday they were ready
to stop oil exports to countries supporting Israel but such an
embargo would be effective only if other nations cooperate.
However, they made no direct reference to former enemy Iraq's
decision to suspend exports, removing nearly two million
barrels a day of crude from the market.
The European Commission convened a meeting of national EU
oil experts on Tuesday to discuss the effect of Iraq's
decision.
The so-called EU "oil supply group" will discuss the oil
price trend and "if necessary, the appropriate measures to be
taken", Commission spokesman Gilles Gantelet told a news
briefing.
Iraq has previously used oil exports as a political weapon
in a bid to rattle the United States, both its arch-enemy and
biggest oil customer.
But Iraq's fellow OPEC members have always downplayed
disruptions in crude flows, vowing to fill any supply gaps.
Saudi Arabia, the world's biggest oil exporter, moved on
Tuesday to assure global markets shaken by Iraq's latest move
that it will not allow any shortages.
- Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2015. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None