DATE=2/24/98
TYPE=CORRESPONDENT REPORT
NUMBER=2-227231
TITLE=IRAQ-GULF-OIL (L ONLY)
BYLINE=GIL BUTLER
DATELINE=KUWAIT
CONTENT=
VOICED AT:
INTRO: ONE OF THE SIDE EFFECTS OF IRAQ'S AGREEMENT TO ALLOW FULL
UNITED NATIONS INSPECTION OF ITS SUSPECTED WEAPONS SITES WAS A
SHARP DROP IN THE PRICE OF OIL FUTURES. IN KUWAIT, VOA'S GIL
BUTLER HAS BEEN TALKING TO A ECONOMIC EXPERT ABOUT WHAT MAY BE
AHEAD FOR WORLD OIL PRICES.
TEXT: ON MONDAY, CRUDE OIL FUTURES (EDS: CONTRACTS FOR FUTURE
DELIVERY) FELL NEARLY FIVE PER CENT TO JUST OVER 15 DOLLARS A
BARREL AFTER THE GULF CRISIS WAS DEFUSED -- APPARENTLY LESSENING
THE CHANCE OF MILITARY CONFRONTATION.
AMER AL TAMIMI, CHAIRMAN OF THE KUWAIT ECONOMIC SOCIETY, THINKS
OIL PRICES COULD GO LOWER THAN THAT. HE EXPLAINS THAT SINCE OIL
PRICES HIT THEIR LOW LEVEL IN 1986, SOME PRODUCERS HAVE HAD TO
PUMP MORE OIL TO MEET THEIR ECONOMIC NEEDS. HE SAYS LOWER PRICES
THIS WEEK WILL FURTHER THAT TREND.
/// TAMIMI ACT ///
I THINK THE PRICE OF OIL WILL BE IN DANGER. IT WILL NOT
BE FAR-FETCHED TO SEE IT LESS THAN 10 DOLLARS A BARREL
WITHIN THE COURSE OF THIS YEAR. IF THIS TAKES PLACE, IT
WILL FORCE THE GULF STATES AND THE OTHER OIL PRODUCING
COUNTRIES TO COME TOGETHER AND PROBABLY THEY WILL HAVE
TO REDUCE THE PRODUCTION OF OPEC (THE MAJOR OIL
PRODUCING COUNTRIES).
/// END ACT ///
DESPITE LOWER OIL PRICES, THE KUWAITI ECONOMIST, SAYS PEACE IN
THE GULF HAS GREAT ECONOMIC BENEFITS.
/// SECOND TAMIMI ACT ///
I THINK THERE WILL BE A POSSIBILITY FOR THE GULF STATES
TO CONCENTRATE ON ECONOMIC DEVELOPMENTS. BUT I DON'T
THINK THAT WILL BE SUFFICIENT. WHAT IS NEEDED IS TO
HAVE A DEMOCRATIC GOVERNMENT IN IRAQ WHICH CONCENTRATES
ON ECONOMIC DEVELOPMENT IN IRAQ AND WHICH CAN DEVELOP
GOOD RELATIONS WITH NEIGHBORING STATES. AND THAT, OF
COURSE WILL CREATE REAL PEACE IN THE REGION.
/// END ACT ///
AMER AL TAMIMI, CHAIRMAN OF KUWAIT'S ECONOMIC SOCIETY. (SIGNED)
NEB/MGB/PCF
24-Feb-98 1:28 PM EST (1828 UTC)
NNNN
Source: Voice of America
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