VOL. XLII

No 40

4-October-1999

IRAQ

UN To Waive Ceiling On Iraqi Oil Export Revenue During Current Phase

As the current phase of the UN oil-for-food program draws to a close and it is clear that Iraq will overshoot the $5.26bn ceiling on oil sales well before phase VI expires on 21 November, diplomats at the UN are working on a formula which will maintain Iraqi oil exports without disruption. MEES understands that the Security Council is drafting a resolution that will allow an "adjustment" to...