VOL. XLV

No 29

22-July-2002

IRAQ

Rumors Of Impending Lifting Of Surcharge Further Weaken Iraqi OilSales

Iraqi oil sales underthe oil-for-food program remain depressed at less than half their capacitybecause of the cat-and-mouse game between the sanctions committee and SOMO. Theproblem has now been accentuated by widespread rumors in the market about theimminent lifting of the $0.15/B surcharge which is keeping interested buyersaway until the picture becomes clear. During the first-half of July,...