Oil Industry United Arab Emirates

The United Arab Emirates, whose overproduction led to the current world glut of crude oil and a 30% drop in prices, said it will start cutting daily output immediately by up to 500,000 barrels . . . The Investment Company Institute reported that the assets of the nation's 512 money market mutual funds increased $3.10 billion to $385.83 billion for the week ended July 11.

Iraq's bellicose Saddam Hussein, bolstered Thursday by a parliamentary proposal that he be elected president for life, has shaken his Persian Gulf neighbors with threats and accusations just before a price-setting meeting of the Organization of Petroleum Exporting Countries.

Iraq's bellicose Saddam Hussein, bolstered Thursday by a parliamentary proposal that he be elected president for life, has shaken his Persian Gulf neighbors with threats and accusations just before a price-setting meeting of the Organization of Petroleum Exporting Countries.

The United Arab Emirates, whose overproduction led to the current world glut of crude oil and a 30% drop in prices, said it will start cutting daily output immediately by up to 500,000 barrels . . . The Investment Company Institute reported that the assets of the nation's 512 money market mutual funds increased $3.10 billion to $385.83 billion for the week ended July 11.

Oil prices resumed their slide Monday, and OPEC announced it was dispatching the cartel's new secretary general to talk with leaders of the United Arab Emirates about turning down their oil spigot. Crude prices tumbled 68 cents a barrel to the lowest close since late 1986, hurt by a selloff that traders blamed on too much supply and renewed skepticism about OPEC's ability to restrain production. The decline to $14.

The United Arab Emirates has carried out a threat to ignore its OPEC quota and authorized companies to pump almost 20% more oil in July, industry sources said Wednesday. "This should bring (oil) prices down very quickly," said one trader. "It is yet another link in the chain of disarray which is creeping into OPEC." OPEC members at their Vienna meeting earlier this month agreed to extend the group's 15.

A power play by Kuwait, a key OPEC member producing above its assigned output quota, risks sparking a slide in oil prices, a source close to the Organization of Petroleum Exporting Countries said. According to the source, several members of the 13-nation group "are now very concerned" about excess output by Kuwait and other members.

A power play by Kuwait, a key OPEC member producing above its assigned output quota, risks sparking a slide in oil prices, a source close to the Organization of Petroleum Exporting Countries said. According to the source, several members of the 13-nation group "are now very concerned" about excess output by Kuwait and other members.

Oil prices resumed their slide Monday, and OPEC announced it was dispatching the cartel's new secretary general to talk with leaders of the United Arab Emirates about turning down their oil spigot. Crude prices tumbled 68 cents a barrel to the lowest close since late 1986, hurt by a selloff that traders blamed on too much supply and renewed skepticism about OPEC's ability to restrain production. The decline to $14.

The United Arab Emirates has carried out a threat to ignore its OPEC quota and authorized companies to pump almost 20% more oil in July, industry sources said Wednesday. "This should bring (oil) prices down very quickly," said one trader. "It is yet another link in the chain of disarray which is creeping into OPEC." OPEC members at their Vienna meeting earlier this month agreed to extend the group's 15.