No. 29

16 July 2001


UNScrutinizes SOMO Prices As Most Iraqi Crude Goes To US In July

In the wake of the indefinitepostponement of smart sanctions in the Security Council as a result of Russia痴threat to deploy its veto, the UN overseers and sanctions committee arescrutinizing Iraq痴 State Oil Marketing Organization (SOMO) price formulas moreclosely with a view to preventing the imposition of surcharges outside UNcontrol. Last week, the UN asked SOMO to revise upwards the price...