VOL. XLV

No 23

10 June 2002

IRAQ

Iraq Reduces Surcharge As May Exports Down To 1Mn B/D

Iraqs State Oil Marketing Organization (SOMO) informed itscustomers on 5 June that the surcharge on Iraqi crudesto all destinations has been reduced to 15 cents/B, compared to 30 cents/B tothe US and 25 cents/B to Europe and the Far East. The Iraqiauthorities were forced to take the measure following the sharp decline in thecountrys exports under the oil-for-food program. The sanctions committee,under the...