VOL. XLIV

No. 29

16 July 2001

IRAQ

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...