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The Organization of Petroleum Exporting Countries (OPEC) promised in London on Thursday to make up for any oil shortage from the Iraq war to ensure oil supply.
The pledge was made by OPEC President Abdullah al-Attiyah of Qatar in a statement wired by the organization's official news agency. The president said he had a series of consultations with OPEC members.
"As a result of those consultations, I am herewith reiterating OPEC's resolve to make up for any supply shortfall resulting from developing events... To this end, Member Countries have pledged to use, in the interim, their available excess capacities to ensure continued supply."
Earlier on Thursday, a spokesman for OPEC made a similar statement, saying that "OPEC will make good on its promise to prevent any shortage in world oil supply."
The United States began bombing Iraq on Thursday after US President George W. Bush on Monday gave Iraqi President Saddam Hussein an 48-hour ultimatum to go into exile or face an invasion.
Iraq, which supplies more than four percent of world oil exports, produces about 2.5 million barrels per day, with sales to the international oil market running at roughly two million bpd.
But exports have come to a virtual halt following the evacuation of United Nations staff, who monitored Iraqi crude export, as international oil traders are unwilling to take the risk of uncertain supplies.
(Xinhua News Agency March 20, 2003)
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