Sunday, May 16, 2004

Iran seeks to rescue US consumer in Oil Crisis

NEWS.com.au | Iran talks up oil boost (May 17, 2004): "'A possible 1.5 million bpd hike in OPEC output will show the organisation's desire for co-operation and agreement with consumer states,' Kazempour Ardebili, Iran's representative to the cartel, said on the oil ministry's website, Shana.
But Oil Minister Bijan Namdar Zanghaneh said that 'any decision inside the Organisation of Petroleum Exporting Countries is difficult because of the chaos on the market'.
Oil prices skyrocketed last week to record highs of more than $US40 ($58) a barrel, a rise which analysts linked to instability in the Middle East and increased world demand."

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