Malaysia's economy beat expectations to grow by 6.3 percent in 2007, fueled by robust domestic demand while the outlook for the current year remained favourable, the central bank said Wednesday.
It said the 2008 outlook was despite a possible slowdown in global growth as "expanding domestic demand will continue to provide strong support for the economy." It did not provide a growth forecast.
"While global growth is expected to moderate (in 2008), the continued strength of domestic demand in the emerging economies, particularly in the Asian region, are expected to lend support to global growth," it said.
Malaysia recorded a gain in gross domestic product (GDP) of 5.9 percent in 2006; 5.0 percent in 2005 and a 6.8 percent in 2004. The 2007 figure was reached after GDP grew 7.3 percent in the fourth quarter.
The bank said high commodity prices also contributed to strong growth.
The rosy announcement comes as Malaysians heads to the March 8 polls.
Wan Suhaimie Saidie, economist with Kenanga told AFP that the sharp growth in the fourth quarter was above expectations.
"It is a surprise. I was looking at 6.2 percent. It could be due to government spending and rise in revenues from exports in oil and palmoil commodities," he said.
Going forward, Wan Suhaimi said growth in the first quarter of 2008 would ease but would exceed six percent amid the expected global economic crunch while for the whole year it could be 6.1 percent.
"I think the growth upside will be tempered by the slowdown in the US economy -- a major Malaysian trade partner - hence I expect growth will be capped at 6.1 percent for 2008," he said.
But the Malaysian Institute of Economic Research said in January Malaysia's economic growth was expected to slow to 5.4 percent this year and could drop as low as 4.0 percent if the US is hit with a recession.
The sectors that contributed to the sharp growth in 2007 were services (9.7 percent) and followed by agriculture (2.2 percent), mining (3.2 percent), manufacturing (3.1 percent) and construction (4.6 percent).
Agence France-Presse - 2/27/2008 9:33 AM
Wednesday, February 27, 2008
Malaysia's inflation rate is likely to rise in the first half of 2008 as the impact of high prices for commodities and food make their mark, the centr
Malaysia's inflation rate is likely to rise in the first half of 2008 as the impact of high prices for commodities and food make their mark, the central bank said Monday.Bank Negara said prices had been on an upward trend, contributing to higher inflation globally.
"Consequently the impact of these developments on inflation in Malaysia is expected to be felt in the first half of 2008," it said in a statement.
The central bank maintained its overnight policy rate at 3.5 percent, where it has stood since April 2006.
"The latest indicators show strong domestic demand will provide the support for the Malaysian economy to perform well in the coming months," it said in a statement.
"The demand for financing by businesses and consumers remain strong, with robust investment activity as corporations expand capacity, and steady consumption growth also being supported by a stable employment environment and growth in incomes."
The risks to the Malaysian economy are primarily from the external sector, it said.
However, Bank Negara said a slowdown in global growth is expected to ease some of the inflationary pressures.
Rising prices are a major headache for the government, which will contest general elections on March 8.
The ruling coalition touted its economic credentials in a policy manifesto launched Monday, in a bid to ease public anger over high inflation and an anticipated shake-up of expensive fuel subsidies.
"When oil prices go up, we must have an action plan to reduce the burden of the people," Prime Minister Abdullah Ahmad Badawi said. "We want to ensure that the people do not suffer."
The consumer price index rose 2.0 percent over 2007.
KDNK Malaysia 2008 6.0 hingga 6.5 peratus
Ekonomi Malaysia dijangka berkembang enam peratus atau lebih dalam tahun 2007 dan 2008, walaupun wujud kebimbangan mengenai keadaan ekonomi Amerika Syarikat, kata Menteri Kewangan Kedua Tan Sri Nor Mohamed Yakcop hari ini.
Katanya, kerajaan berkeyakinan bahawa Keluaran Dalam Negara Kasar (KDNK) akan berkembang pada kadar 6.0 hingga 6.5 peratus seperti yang diunjurkan dalam tahun 2008 dan pada anggaran 6.0 peratus atau lebih pada tahun 2007.
“Malah ekonomi yang saya lihat semasa saya berjalan di sini adalah baik,” katanya pada sidang media di Tasik Gelugor di sini selepas melawat pasar Sungai Dua dan Tasek Gelugor.
“Tahun ini adalah tahun yang baik,” katanya ketika ditanya mengenai impak kemungkinan kemelesetan di AS dan himpitan kredit global di Malaysia.
Nor Mohamed yang akan bertanding dalam pilihan raya umum di kawasan Parlimen Tasek Gelugor pada 8 Mac ini, sebelum ini menyatakan Malaysia dapat mengharungi kemelut kemelesetan apabila ekonomi Malaysia kini kurang bergantung pada ekonomi AS.
Ketika ditanya mengenai sama ada integritinya berkaitan pelaksanaan dasar bagi negara ini akan tergugat jika beliau dipilih sebagai anggota Parlimen dan dilantik semula sebagai Menteri Kewangan Kedua, beliau berkata: “Tidak.” Beliau berkata, dasar kerajaan akan diteruskan.
“Kita akan terus melaksanakan program ekonomi utama di bawah Perdana Menteri (Datuk Seri Abdullah Ahmad Badawi).
Bekas Penasihat Bank Negara itu dilantik sebagai penasihat khas ekonomi kepada Perdana Menteri pada tahun 2000 dan sebaik-baik dilantik sebagai senator pada tahun 2004, telah dilantik sebagai Menteri Kewangan Kedua sehingga hari ini.
– Bernama
Katanya, kerajaan berkeyakinan bahawa Keluaran Dalam Negara Kasar (KDNK) akan berkembang pada kadar 6.0 hingga 6.5 peratus seperti yang diunjurkan dalam tahun 2008 dan pada anggaran 6.0 peratus atau lebih pada tahun 2007.
“Malah ekonomi yang saya lihat semasa saya berjalan di sini adalah baik,” katanya pada sidang media di Tasik Gelugor di sini selepas melawat pasar Sungai Dua dan Tasek Gelugor.
“Tahun ini adalah tahun yang baik,” katanya ketika ditanya mengenai impak kemungkinan kemelesetan di AS dan himpitan kredit global di Malaysia.
Nor Mohamed yang akan bertanding dalam pilihan raya umum di kawasan Parlimen Tasek Gelugor pada 8 Mac ini, sebelum ini menyatakan Malaysia dapat mengharungi kemelut kemelesetan apabila ekonomi Malaysia kini kurang bergantung pada ekonomi AS.
Ketika ditanya mengenai sama ada integritinya berkaitan pelaksanaan dasar bagi negara ini akan tergugat jika beliau dipilih sebagai anggota Parlimen dan dilantik semula sebagai Menteri Kewangan Kedua, beliau berkata: “Tidak.” Beliau berkata, dasar kerajaan akan diteruskan.
“Kita akan terus melaksanakan program ekonomi utama di bawah Perdana Menteri (Datuk Seri Abdullah Ahmad Badawi).
Bekas Penasihat Bank Negara itu dilantik sebagai penasihat khas ekonomi kepada Perdana Menteri pada tahun 2000 dan sebaik-baik dilantik sebagai senator pada tahun 2004, telah dilantik sebagai Menteri Kewangan Kedua sehingga hari ini.
– Bernama
Rakyat yakin ECER beri kehidupan lebih selesa
ORANG ramai tetap menaruh keyakinan bahawa projek pembangunan Wilayah Ekonomi Pantai Timur (ECER) memberi manfaat besar yang menggambarkan betapa kerajaan Barisan Nasional (BN) mempunyai wawasan untuk faedah jangka panjang rakyat. Pelajar institusi pengajian tinggi (IPT), Nurfarahin Kamaludin, 20, menyifatkan pembangunan ECER sebagai langkah bijak kerajaan BN pimpinan Perdana Menteri, Datuk Seri Abdullah Ahmad Badawi bagi mengangkat martabat negeri di Pantai Timur merangkumi Kelantan, Terengganu dan Pahang.
“Pembangunan sektor perindustrian secara langsung akan menyediakan banyak peluang pekerjaan kepada golongan lepasan sekolah, terutama pelajar lepasan IPT. Ini sekali gus, berupaya mengurangkan kadar pengangguran serta dapat menangani gejala sosial yang berkait dengan pengangguran,” katanya.
Pemimpin masyarakat, Hasan Abu Bakar, 64, berkata penumpuan kepada sektor pertanian memberi banyak manfaat kepada golongan petani di Pahang. “Pengembangan sektor hiliran bukan saja memberi kebaikan secara langsung kepada golongan petani, malah juga meningkatkan ekonomi mereka dalam tempoh jangka masa panjang.
“Walaupun kerajaan memberi penekanan kepada pembangunan sektor perindustrian, ia tidak mengabaikan sama sekali sektor pertanian yang selama ini menjadi teras utama ekonomi negeri yang berkaitan dengan penduduk tempatan,” katanya.
Sehubungan itu, katanya, golongan petani tidak akan berasa terpinggir dengan pembangunan ECER, sekali gus dapat menikmati limpahan daripadanya.
Pengusaha pusat kecantikan, Wan Norasiah Wan Sulaiman, 40, berkata pembangunan bersepadu seperti dirancang melalui ECER bukan hanya menumpu kepada golongan tertentu, sebaliknya semua pihak bakal merasai kesannya.
“Saya percaya, apa yang dirancang kerajaan bertujuan memberi kemajuan dan kemakmuran kepada negeri dan penduduknya, walaupun kesannya hanya dapat dirasai dalam tempoh jangka panjang,” katanya.
Beliau menyifatkan ECER bukan sekadar impian kepemimpinan negara dan negeri, sebaliknya turut menjadi hasrat rakyat secara keseluruhannya untuk melihat negeri membangun secara holistik. Peniaga, Norshahida Daud, 30, berkata kesungguhan pucuk pimpinan negara merealisasikan program pembangunan yang besar berjaya meyakinkan pelabur untuk datang ke Pahang.
“Suntikan pelaburan yang besar bagi penyediaan prasarana akan menarik pelabur asing ke negeri ini, seterusnya membuka lebih banyak peluang pekerjaan kepada rakyat tempatan. Jika ini berlaku, sudah tentu masalah pengangguran dapat dikurangkan, dan pada masa yang sama, ekonomi negeri menikmati kemakmuran,” katanya.
ECER yang merangkumi lebih separuh dari saiz Semenanjung adalah wilayah pembangunan ketiga dilancarkan selepas Wilayah Pembangunan Iskandar di Johor dan Wilayah Ekonomi Koridor Utara membabitkan negeri utara, iaitu Perlis, Kedah, Pulau Pinang dan Perak.
Berdasarkan Pelan Induk ECER yang dirangka Petronas, sebanyak 277 projek akan dilaksanakan merangkumi bidang pengangkutan, pembangunan prasarana, pelancongan, pendidikan, pembuatan, industri minyak, gas dan petrokimia dan pertanian.
Projek berkenaan dijangka menarik pelaburan bernilai RM112 bilion dan mewujudkan 560,000 peluang pekerjaan baru dari sekarang sehingga 2020.
Pelaksanaan projek itu akan mampu mempercepatkan pertumbuhan ECER secara berdaya maju, saksama dan mampan dengan matlamat akhirnya untuk meningkatkan pendapatan serta mengurangkan kemiskinan.
Pelan Induk ECER mensasar untuk meningkatkan Keluaran Dalam Negara Kasar (KDNK) dan kadar pertumbuhan KDNK per kapita, masing-masing sebanyak 7.2 peratus dan RM13,510 menjelang 2020 untuk menangani ketidakseimbangan antara negeri di dalam ECER dengan jirannya di Pantai Barat Semenanjung. Pelan Induk itu turut bermatlamat menjadikan ECER wilayah yang maju menjelang 2020.
Hakikatnya, tiga negeri Pantai Timur yang dirangkumkan dalam pembangunan ECER bakal muncul sebagai penjana ekonomi yang setaraf dengan negeri di Pantai Barat, apabila projek yang dirancang menjadi kenyataan menjelang 2020.
Seperti Kelantan dan Terengganu yang banyak bergantung kepada sektor pertanian dan pelancongan sebagai teras ekonomi, Pahang turut memanfaatkan kelebihannya dengan memberi tumpuan kepada sektor pertanian dan pelancongan.
Potensi pembangunan itu dijangka bukan saja dapat membantu memajukan ekonomi Pahang, malah juga pembangunan dan penyediaan sistem infrastruktur yang cekap dan berteknologi tinggi serta peningkatan dalam pembangunan modal insan.
ECER juga diharap dapat menambah peluang perniagaan dan pekerjaan kepada penduduk Pahang dan seterusnya menyumbang kepada keseimbangan dalam agihan ekonomi kepada rakyat setempat.
Agenda utama ECER di Pahang ialah memajukan negeri itu sebagai hab industri pembuatan dan logistik yang memberi penekanan kepada pembangunan bandar Pelabuhan Kuantan.
Antara inisiatif utama yang dirancang untuk seluruh negeri termasuk projek Kuantan Port City, Program Pembangunan Kelompok Industri Minyak Sawit dan Taman Halal Gambang.
“Pembangunan sektor perindustrian secara langsung akan menyediakan banyak peluang pekerjaan kepada golongan lepasan sekolah, terutama pelajar lepasan IPT. Ini sekali gus, berupaya mengurangkan kadar pengangguran serta dapat menangani gejala sosial yang berkait dengan pengangguran,” katanya.
Pemimpin masyarakat, Hasan Abu Bakar, 64, berkata penumpuan kepada sektor pertanian memberi banyak manfaat kepada golongan petani di Pahang. “Pengembangan sektor hiliran bukan saja memberi kebaikan secara langsung kepada golongan petani, malah juga meningkatkan ekonomi mereka dalam tempoh jangka masa panjang.
“Walaupun kerajaan memberi penekanan kepada pembangunan sektor perindustrian, ia tidak mengabaikan sama sekali sektor pertanian yang selama ini menjadi teras utama ekonomi negeri yang berkaitan dengan penduduk tempatan,” katanya.
Sehubungan itu, katanya, golongan petani tidak akan berasa terpinggir dengan pembangunan ECER, sekali gus dapat menikmati limpahan daripadanya.
Pengusaha pusat kecantikan, Wan Norasiah Wan Sulaiman, 40, berkata pembangunan bersepadu seperti dirancang melalui ECER bukan hanya menumpu kepada golongan tertentu, sebaliknya semua pihak bakal merasai kesannya.
“Saya percaya, apa yang dirancang kerajaan bertujuan memberi kemajuan dan kemakmuran kepada negeri dan penduduknya, walaupun kesannya hanya dapat dirasai dalam tempoh jangka panjang,” katanya.
Beliau menyifatkan ECER bukan sekadar impian kepemimpinan negara dan negeri, sebaliknya turut menjadi hasrat rakyat secara keseluruhannya untuk melihat negeri membangun secara holistik. Peniaga, Norshahida Daud, 30, berkata kesungguhan pucuk pimpinan negara merealisasikan program pembangunan yang besar berjaya meyakinkan pelabur untuk datang ke Pahang.
“Suntikan pelaburan yang besar bagi penyediaan prasarana akan menarik pelabur asing ke negeri ini, seterusnya membuka lebih banyak peluang pekerjaan kepada rakyat tempatan. Jika ini berlaku, sudah tentu masalah pengangguran dapat dikurangkan, dan pada masa yang sama, ekonomi negeri menikmati kemakmuran,” katanya.
ECER yang merangkumi lebih separuh dari saiz Semenanjung adalah wilayah pembangunan ketiga dilancarkan selepas Wilayah Pembangunan Iskandar di Johor dan Wilayah Ekonomi Koridor Utara membabitkan negeri utara, iaitu Perlis, Kedah, Pulau Pinang dan Perak.
Berdasarkan Pelan Induk ECER yang dirangka Petronas, sebanyak 277 projek akan dilaksanakan merangkumi bidang pengangkutan, pembangunan prasarana, pelancongan, pendidikan, pembuatan, industri minyak, gas dan petrokimia dan pertanian.
Projek berkenaan dijangka menarik pelaburan bernilai RM112 bilion dan mewujudkan 560,000 peluang pekerjaan baru dari sekarang sehingga 2020.
Pelaksanaan projek itu akan mampu mempercepatkan pertumbuhan ECER secara berdaya maju, saksama dan mampan dengan matlamat akhirnya untuk meningkatkan pendapatan serta mengurangkan kemiskinan.
Pelan Induk ECER mensasar untuk meningkatkan Keluaran Dalam Negara Kasar (KDNK) dan kadar pertumbuhan KDNK per kapita, masing-masing sebanyak 7.2 peratus dan RM13,510 menjelang 2020 untuk menangani ketidakseimbangan antara negeri di dalam ECER dengan jirannya di Pantai Barat Semenanjung. Pelan Induk itu turut bermatlamat menjadikan ECER wilayah yang maju menjelang 2020.
Hakikatnya, tiga negeri Pantai Timur yang dirangkumkan dalam pembangunan ECER bakal muncul sebagai penjana ekonomi yang setaraf dengan negeri di Pantai Barat, apabila projek yang dirancang menjadi kenyataan menjelang 2020.
Seperti Kelantan dan Terengganu yang banyak bergantung kepada sektor pertanian dan pelancongan sebagai teras ekonomi, Pahang turut memanfaatkan kelebihannya dengan memberi tumpuan kepada sektor pertanian dan pelancongan.
Potensi pembangunan itu dijangka bukan saja dapat membantu memajukan ekonomi Pahang, malah juga pembangunan dan penyediaan sistem infrastruktur yang cekap dan berteknologi tinggi serta peningkatan dalam pembangunan modal insan.
ECER juga diharap dapat menambah peluang perniagaan dan pekerjaan kepada penduduk Pahang dan seterusnya menyumbang kepada keseimbangan dalam agihan ekonomi kepada rakyat setempat.
Agenda utama ECER di Pahang ialah memajukan negeri itu sebagai hab industri pembuatan dan logistik yang memberi penekanan kepada pembangunan bandar Pelabuhan Kuantan.
Antara inisiatif utama yang dirancang untuk seluruh negeri termasuk projek Kuantan Port City, Program Pembangunan Kelompok Industri Minyak Sawit dan Taman Halal Gambang.
Tuesday, February 26, 2008
Telekom Malaysia posts 23 percent rise in profits
Telekom Malaysia, the country's largest telecom provider, on Tuesday announced a 23.1 percent rise in net profit over 2007 to 2.55 billion ringgit (79 million dollars), led by its cell phone unit.
"The 23.1 percent rise in net profit for the year was mainly due to better financial performance of (mobile phone provider) Celcom ... and lower taxation charges," it said.
Telekom said sales grew to 17.84 billion ringgit for the period January to December 2007 against 16.40 billion a year earlier.
For the fourth quarter, net profit was up by 0.3 percent to 592.46 million ringgit, it said.
Telekom said its net profit during the quarter was trimmed by higher impairment costs on property, plant and equipment, which totaled 63 million ringgit, and investment worth 80 million ringgit.
Sales increased by 7.4 percent to 4.73 billion ringgit, mainly attributed to higher revenue from cellular, Internet and multimedia services, it said.
"The increase in cellular revenue was mainly contributed by Celcom (Malaysia) and (Indonesian unit) PT Excelcomindo Pratama arising from increased customers and usage," Telekom said.
Earnings per share stood at 17.2 sen, against 17.4 sen. Telekom declared a dividend of 87 sen per share, against 30 sen a year earlier.
Telekom said it has picked Jamaludin Ibrahim as the new group chief executive officer for unit TM International, effective March 3.
Jamaludin was the previous chief of Maxis Communications Bhd, Malaysia's largest cell phone carrier by subscribers.
Maxis was bought out last year by its major shareholder, tycoon Ananda Krishnan, and was subsequently delisted from the bourse.
Agence France-Presse - 2/26/2008 11:59 AM
Malaysian inflation likely to rise: central bank
Malaysia's inflation rate is likely to rise in the first half of 2008 as the impact of high prices for commodities and food make their mark, the central bank said Monday.
Bank Negara said prices had been on an upward trend, contributing to higher inflation globally.
"Consequently the impact of these developments on inflation in Malaysia is expected to be felt in the first half of 2008," it said in a statement.
The central bank maintained its overnight policy rate at 3.5 percent, where it has stood since April 2006.
"The latest indicators show strong domestic demand will provide the support for the Malaysian economy to perform well in the coming months," it said in a statement.
"The demand for financing by businesses and consumers remain strong, with robust investment activity as corporations expand capacity, and steady consumption growth also being supported by a stable employment environment and growth in incomes."
The risks to the Malaysian economy are primarily from the external sector, it said.
However, Bank Negara said a slowdown in global growth is expected to ease some of the inflationary pressures.
Rising prices are a major headache for the government, which will contest general elections on March 8.
The ruling coalition touted its economic credentials in a policy manifesto launched Monday, in a bid to ease public anger over high inflation and an anticipated shake-up of expensive fuel subsidies.
"When oil prices go up, we must have an action plan to reduce the burden of the people," Prime Minister Abdullah Ahmad Badawi said. "We want to ensure that the people do not suffer."
The consumer price index rose 2.0 percent over 2007.
Agence France-Presse - 2/25/2008 11:36 AM
Bank Negara said prices had been on an upward trend, contributing to higher inflation globally.
"Consequently the impact of these developments on inflation in Malaysia is expected to be felt in the first half of 2008," it said in a statement.
The central bank maintained its overnight policy rate at 3.5 percent, where it has stood since April 2006.
"The latest indicators show strong domestic demand will provide the support for the Malaysian economy to perform well in the coming months," it said in a statement.
"The demand for financing by businesses and consumers remain strong, with robust investment activity as corporations expand capacity, and steady consumption growth also being supported by a stable employment environment and growth in incomes."
The risks to the Malaysian economy are primarily from the external sector, it said.
However, Bank Negara said a slowdown in global growth is expected to ease some of the inflationary pressures.
Rising prices are a major headache for the government, which will contest general elections on March 8.
The ruling coalition touted its economic credentials in a policy manifesto launched Monday, in a bid to ease public anger over high inflation and an anticipated shake-up of expensive fuel subsidies.
"When oil prices go up, we must have an action plan to reduce the burden of the people," Prime Minister Abdullah Ahmad Badawi said. "We want to ensure that the people do not suffer."
The consumer price index rose 2.0 percent over 2007.
Agence France-Presse - 2/25/2008 11:36 AM
Monday, February 25, 2008
Oil hovers around 100-dollar mark in Asian trade
World oil prices rose to near 100 dollars a barrel in Asian trade Monday, with Turkey's military offensive in northern Iraq and reports Iran would back an OPEC output cut sparking fresh concerns, dealers said.
In morning trade, New York's main contract, light sweet crude for delivery in April, was up 70 cents to 99.51 dollars per barrel.
The contract closed 58 cents higher at 98.81 dollars a barrel during floor trading on Friday at the New York Mercantile Exchange.
Brent North Sea crude for April delivery gained 76 cents to 97.77 dollars a barrel, after settling 77 cents higher at 97.01 dollars on Friday.
"Fresh geopolitical tensions in Turkey, Iraq and Iran have been driving prices up since Friday," said Victor Shum, senior principal at Purvin and Gertz energy consultancy in Singapore.
Turkey confirmed Thursday that it had sent troops into northern Iraq to hunt down militants from the Kurdish Workers' Party after Turkish fighter jets struck at their bases.
But Iraqi exports of 300,000 barrels of oil per day through Turkey have not been affected, the Iraqi oil ministry said Saturday.
Iraq's northern oil fields are connected to the Turkish port of Ceyhan by a pipeline that crosses the two countries' border in northern Iraq's autonomous Kurdish region, where Turkish troops are fighting separatist rebels.
Most of Iraq's oil, a further 1.6 million barrels per day, is exported through the southern port of Basra.
Iran's Oil Minister Gholam Hossein Nozari meanwhile said on Saturday that Tehran would back a plan to cut oil production at next month's Organisation of Petroleum Exporting Countries (OPEC) meeting, the oil ministry news agency Shana said.
OPEC energy ministers meet in Vienna on March 5.
"In reality, it is going to be difficult for OPEC to really cut production levels if prices stay between the 90-100 dollar range," said Shum.
OPEC earlier this month left its official daily output ceiling at 29.67 million barrels despite US calls for an output increase to reduce high oil prices that Western countries fear will stunt economic growth and further fuel inflation.
Agence France-Presse - 2/25/2008 3:43 AM
In morning trade, New York's main contract, light sweet crude for delivery in April, was up 70 cents to 99.51 dollars per barrel.
The contract closed 58 cents higher at 98.81 dollars a barrel during floor trading on Friday at the New York Mercantile Exchange.
Brent North Sea crude for April delivery gained 76 cents to 97.77 dollars a barrel, after settling 77 cents higher at 97.01 dollars on Friday.
"Fresh geopolitical tensions in Turkey, Iraq and Iran have been driving prices up since Friday," said Victor Shum, senior principal at Purvin and Gertz energy consultancy in Singapore.
Turkey confirmed Thursday that it had sent troops into northern Iraq to hunt down militants from the Kurdish Workers' Party after Turkish fighter jets struck at their bases.
But Iraqi exports of 300,000 barrels of oil per day through Turkey have not been affected, the Iraqi oil ministry said Saturday.
Iraq's northern oil fields are connected to the Turkish port of Ceyhan by a pipeline that crosses the two countries' border in northern Iraq's autonomous Kurdish region, where Turkish troops are fighting separatist rebels.
Most of Iraq's oil, a further 1.6 million barrels per day, is exported through the southern port of Basra.
Iran's Oil Minister Gholam Hossein Nozari meanwhile said on Saturday that Tehran would back a plan to cut oil production at next month's Organisation of Petroleum Exporting Countries (OPEC) meeting, the oil ministry news agency Shana said.
OPEC energy ministers meet in Vienna on March 5.
"In reality, it is going to be difficult for OPEC to really cut production levels if prices stay between the 90-100 dollar range," said Shum.
OPEC earlier this month left its official daily output ceiling at 29.67 million barrels despite US calls for an output increase to reduce high oil prices that Western countries fear will stunt economic growth and further fuel inflation.
Agence France-Presse - 2/25/2008 3:43 AM
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