OPEC Will Act To Avoid Shortages in the Event of War

OPEC said it will act quickly to avoid oil market shortages in case of a war against Iraq, according to comments made in a television interview on al-Jazeera by President Abdullah bin Hamad al-Attiyah. al-Attiyah is Qatar's energy minister. "In cases of tension...we deal with it clearly and quickly to restore a balance between supply and demand in the market, and to restore stability. We do not want consumers to feel that they will face a shortage in supplies," Attiyah said.

Oil prices forged to fresh 29-month highs on Tuesday as the United States and Britain pushed for a second U.N. resolution on Iraq that could open the way to war on the world's eighth largest oil exporter.

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Brent Crude Oil : $55.47/BBL 0.69%
Light Crude Oil : $52.48/BBL 0.30%
Natural Gas : $3.41/MMBtu 0.29%
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