US sends oil price through the roof

The price of crude has risen to 30 USD per barrel at the New York Petroleum Exchange, as the war-mongering rhetoric of Washington starts to send its ripples through the world economic lake, reaching its highest point since May, 2001.

The market is expected to react further when the American Petroleum Institute reveals that oil stocks within the USA have fallen further to their lowest level in 18 months.

In the event of an attack on Iraq, OPEC could increase production to stabilise prices, declared the Kuwaiti Oil Minister, Ahmed Al-Fahd Al-Sabah, in Moscow recently, although he admitted that not all members are in agreement with this measure, while stressing at the same time that Kuwait is categorically against any US military action against Iraq.

John ASHTEAD PRAVDA.Ru LONDON UNITED KINGDOM