Libya: US economic loss can not be credited to OPEC

OPEC member Libya claimed that the surging oil price hurt US economy but OPEC need not bear the blame, for OPEC has the right to set reasonable oil prices. After the OPEC making of output-cut decision, US president George Bush warned OPEC cannot uplift oil price through output reduction, for the move will cause loss to the US economy. Libya government spokesman said that the US economic recession had nothing to do with the OPEC, which will never succumb to US pressure and threaten since the OPEC had the right to strive for the rational oil price of US$25 per barrel.

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