VOL. XL

No. 34

25 August 1997

IRAQ

Markets Cautious About Return Of Iraqi Oil Exports; SOMO Raises September PriceFormulas

The oil markets adopted a wait and see attitude towards the return of Iraqi oil exportslast week, this despite the fact that Iraq is pumping around 1.5mn b/d of crude oil till 5September. Crude prices have been fluctuating within a limited range, with Dated Brentoscillating between $18 and $19/B. Traders have attributed this initial cautious reactionto an upsurge in...