EC calls meeting over rising world oil prices

The European Commission has called a special meeting for Thursday to discuss rising world oil prices and the possibility of an Arab boycott of Western oil customers.

Iraqi President Saddam Hussein has already halted oil exports to the West for 30 days in protest at Israel’s recent actions in the Palestinian West Bank.

Although the largest producer in the Organisation of Petroleum Exporting Countries, Saudi Arabia, has said it will not back Hussein’s embargo, other global suppliers like Iran and Libya are still considering their next move.

Despite the EC’s obvious concern about the matter, the commission said the situation is not at crisis point and prices are still within OPEC-defined bands of between $22 (€25) and $28 (€32) per barrel.