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GULF WATCH: Day 26 : A daily briefing paper on developments in the crisis

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Diplomatic Front:

Although the United States has endorsed the United Nations’ search for a peaceful solution, President Bush said he sees little hope for “fruitful negotiations” unless Iraq leaves Kuwait and restores “the rightful leaders to their place.” Bush added that it is inconceivable that U.N. Secretary General Javier Perez de Cuellar will make concessions when meeting with Iraq’s foreign minister Thursday.

Meanwhile, the majority of Iraqi diplomats in the United States were ordered expelled, and Bush encouraged the 34 other nations with embassies in Kuwait to do the same. Remaining diplomats in the American Embassy in Kuwait continued to hang on. Supplies of water, power and food are adequate “at least for several days,” a U.S. spokesman said.

Military Front:

Baghdad has ordered its tankers to avoid confrontations with ships conducting the blockade. Meanwhile, the gulf sheikdom of Qatar has agreed to allow U.S. forces to use bases there.

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Trade Front:

Oil prices took a nose dive, and stock and bond prices jumped sharply as tensions in the gulf appeared to ease and OPEC ministers discussed increasing production. The stock market was helped by a sharp drop in crude prices. The rising bond market reflected optimism that lower oil costs would help keep inflation under control.

Crisis Indicators:

* Iraqi troops in Kuwait: 160,000

* Iraqi tanks in Kuwait: 1,000

* U.S. troops on the ground: 50,000

* U.S. sailors aboard ships in region: 35,000

* U.S. ships in the region or en route: 70

* U.S. reservists to be mobilized: up to 49,703

* U.S. aircraft in region: 500

* U.S. diplomats and dependents held in Iraq: 58

* Other Americans detained in Iraq and Kuwait: 63

* U.S. diplomats remaining in Kuwait: 10

* Total Americans in Iraq and Kuwait: 2,945

* Total Westerners in Iraq and Kuwait: 12,000

* High temperature in Riyadh, Saudi Arabia: 108 degrees

* Crude oil (spot price per barrel): $28.33, down $2.77

* Retail gasoline (U.S. average per gallon): $1.235, steady

* Wholesale gasoline (spot price per gallon): $.9325, down $.1240

* Dow Jones industrial average: 2,611.63, up 78.71

* Gold (per ounce) $388.30, down $26.70

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