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Clinton hails

Opec decision

WASHINGTON: President Bill Clinton on Wednesday hailed an Opec decision to boost oil output, calling it "good news" for US consumers and for global growth prospects.

"It's good news for our economy and the American consumer," Clinton told a press conference.

"These increases should bring lower prices, which will help sustain economic growth here in America and, also and very importantly, throughout the world".

Nine members of the Organisation of Petroleum Exporting Countries (Opec) on Tuesday agreed to increase production by 1.452 million barrels a day in order to stabilise world oil prices.

In the face of soaring gas and home heating costs, the United States had pressed oil producers to boost output and had been looking for increases of up to 2.5 million barrels a day.

Clinton also appealed to Congress to act on his proposal for long-term energy security, which he said included tax incentives and investment to support domestic producers and promote the development of alternative fuels.

"We can become much more energy efficient and support economic development if we do," he said.ÑAFP