Vol. XL

No. 1

6-January-1997

IRAQ

Iraq Cuts Oil Sales Volume In Order To Stay WithinValue Ceiling Of $1BN Per 90 Days

MEES learns that Iraq's SOMO informed severalcustomers over the Christmas holidays that it will be obliged to reduce the volume of oilassigned to them because the projected total value of the contracts it has signed exceedsthe ceiling of $1bn per 90 days required by Security Council resolution 986. It isunderstood that at least four firms, and possibly more, were asked to reduce...