VOL. XLV

No 27

8-July-2002

IRAQ

Iraqi Oil Exports Down To 1.24Mn B/D In 1H02

The protracted conflict between the sanctions committee and SOMO has reduced Iraqi oil exports under the oil-for-food program to 1.24mn b/d during the first half of the year, compared to the targeted level of 2.2mn b/d originally set by the Iraqi oil authorities. Exports in June averaged only 764,000 b/d. There is speculation in the market about the possible reduction or elimination of the 15 cents/B surcharge...