DATE=11/29/1999
TYPE=CORRESPONDENT REPORT
TITLE=G-C-C SUMMIT WRAP (L-ONLY)
NUMBER=2-256622
BYLINE=SCOTT BOBB
DATELINE=CAIRO
CONTENT=

VOICED AT:

INTRO:  Gulf Arab leaders say they blame the 
government of Iraq for the suffering of the Iraqi 
people.  Middle East Correspondent Scott Bobb reports 
the leaders, meeting in Saudi Arabia for the Gulf 
Cooperation Council, also pledged to ensure stability 
in world oil prices and took steps toward a regional 
common market

TEXT:  Gulf Council leaders are expressing 
satisfaction with the rise in oil prices during the 
past year.  They pledged to ensure that the balance 
continues between supply and demand, before ending 
their summit (Monday) in Riyadh. 

The meeting came as oil prices reached nine-year 
highs.  Production cuts pulled them up from the 25-
year lows one year-ago.

Oil prices recently rose sharply when Iraq suspended 
its oil exports because of displeasure with a stopgap 
extension of the U-N oil-for-food program.  But, Iraqi 
officials say they plan to resume exports as soon as 
the U-N Security Council agrees to another phase of 
the program.

Gulf Council leaders accused the Iraqi government of 
delaying a resolution to the Iraqi crisis.  In their 
final statement, read by Secretary-General Jameel al-
Hujailan, they blamed the Iraqi government for 
continued international sanctions.

    ///  AL-HUJAILAN ACT - IN ARABIC - FADE UNDER  ///

The G-C-C official said despite the fact that nine-
years have passed, Iraq is still stalling 
implementation of U-N resolutions to put an end to the 
suffering of the Iraqi people.  According to the 
statement -- the Iraqi government is solely to blame.

The Gulf Council leaders adopted a relatively mild 
tone on the dispute between one of its members, the 
United Arab Emirates, and Iran over three islands in 
the Gulf.

Previous summits have condemned Iran for occupying the 
islands.  But the resolution urged a G-C-C committee 
to prepare the way for direct negotiations between the 
two countries.

G-C-C leaders agreed Sunday to coordinate tariff rates 
between the members in five-years, taking a major step 
toward a goal adopted 18-years ago of establishing a 
common market in the region.

The six-members of the Gulf Council -- Saudi Arabia, 
United Arab Emirates, Kuwait, Bahrain, Qatar, and Oman 
-- together possess 45-percent of the world's known 
oil reserves and provide 20-percent of the world's oil 
needs.  Economists say an economic union would create 
an 80-billion dollar market in the region.   (SIGNED)

NEB/SB/JWH/RAE



29-Nov-1999 12:55 PM EDT (29-Nov-1999 1755 UTC)
NNNN

Source: Voice of America
.