The U.N.: oil safeguard?

08/30/1999
The U.N.: oil safeguard?The United Nations, busy rebuilding the Iraqi oil industry, now plays safeguard to the recovering oil market it helped destroy. Its influence in the oil industry since 1996 has been surreal.The U.N.'s oil-for-food program helped wreck the oil market in 1997-98. Implemented in May 1996, the program allows export of Iraqi oil despite U.N. sanctions imposed in response to the invasion of Kuwait in 1990. Proceeds, administered by the U.N., go mostly to the purchase of food and medical support for Iraqis.The agency set a revenue limit on the exports, which it more than doubled to $5.2 billion every 180 days in February 1998. The increase, a diplomatic gesture, was w...
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