VOL. XXXV

NO. 30

27-APRIL-1992

OPEC

Iraq Accuses Saudi Arabia of Flooding Oil Market

The Iraqi Oil Minister, Mr. Usama al-Hiti, has accused Saudi Arabia ofdepressing world oil prices by flooding the market in order to make up for Iraqicrude exports which are banned by the UN trade sanctions. In an interview withthe 'Amman daily al-Rai of 21 April, Mr. Hiti said that the OPEC membercountries were losing money at the rate of $68bn annually because ofoverproduction, and that Saudi Arabia alone is...