VOL. XLI

No. 34

24-August-1998

IRAQ

Iraq's SOMO Cuts Back Oil Contract Allocations To OffsetVolume Overcommitment

Faced with an imminent danger of volume overcommitment on its existing crude oil salescontracts for the current 180-day fourth phase of the UN oil-for-food program which endson 25 November, Iraq's State Oil Marketing Organization (SOMO) has notified its customersof substantial cutbacks in contract volumes available for delivery in the three monthsremaining between now and the end of...