IRAQ

Iraq and Brazil Extend Oil-for-Vehicles Deal

Brazil and Iraq have signed a temporary extension to their vehicles-for-oil countertrade agreement, under which Iraq will supply 50,000 b/d of crude oil to Brazil for two months in return for 10,000 Volkswagen vehicles. This follows the expiry of a two-year agreement, concluded in 1985, under which Brazil provided Iraq with 140,000 VW vehicles in return for some 55,000 b/d of crude oil. Meanwhile the two sides are negotiating for the...