They [Arab leaders] have stopped taking their instructions from Islam, they have decided that peace with the Zionists is their strategic option, so damn their decision.’ – Osama bin Laden, audio message, May 18 Last Tuesday, while United States President George W Bush was setting out from Washington on a five-day tour of the Middle East, Iran’s semi-official Fars news agency quoted Iranian President Mahmud Ahmadinejad as hinting that Tehran might consider a cut in oil exports. Of course, Iranian Oil Minister Gholamhossein Nozari quickly clarified that Tehran was only reviewing its exports and here, too, a decision was to be taken on a possible increase or decrease. Neither Ahmadinejad nor Nozari said anything like Iran was reviewing oil output as such (which exceeds 4.2 million barrels per day, the highest level since the 1979 Islamic revolution). But US oil prices went into a tizzy nonetheless and hit a record high of US$126 per barrel by the time Bush landed in the Persian Gulf region. Bush was expected to press the Organization of Petroleum Exporting Countries (OPEC) for an early meet to raise oil production. (OPEC is scheduled to next meet in September to decide on its […]