ARABS-OPEC - Oct. 26 - Iraq Causes Market Panic.Oil markets panic after speculation that Iraq might stop oil exports by Nov. 1 if the UN fails to approve Baghdad's request for oil payments to be made in euros and other non-US dollar currencies. But hours later oil prices came down as a White House spokesman said the Clinton administration Noun 1. Clinton administration - the executive under President Clinton executive - persons who administer the law believed it would make no difference to Iraq's oil-for-aid programme if Baghdad was paid in euros or other currencies. On Oct. 27 the Saudi newspaper Asharq Al Awsat reported a senior OPEC OPEC: see Organization of Petroleum Exporting Countries. OPEC in full Organization of the Petroleum Exporting Countries Multinational organization established in 1960 to coordinate the petroleum production and export policies of its delegate as saying Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. and other producers were
ready to meet any shortfall in Iraqi oil exports. The IEA IEA International Energy AgencyIEA International Environmental Agreements IEA International Association for the Evaluation of Educational Achievement IEA Institute of Economic Affairs IEA Inferred from Electronic Annotation IEA International Ergonomics Association in Paris said it would meet immediately for a response if Iraq stopped exports, warning that such a move would cause havoc in the oil markets. |
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