OGJ Newsletter

11/29/1999
Oil markets are easily spooked these days, given the dwindling state of oil inventories and OPEC's continued adherence to production cuts.The prospect of Iraqi exports drying up for awhile sent a jolt through markets last week, propelling oil prices to their highest level since the Persian Gulf war.Iraq briefly halted exports that would have otherwise continued under a 2-week extension of the UN oil-for-aid sales program. The Iraqi sales program normally would have been rolled over for another 6 months, but the UN Security Council opted for just the 2-week extension while debate continued on Iraqi sanctions. Diplomatic sources say the debate focused on US and UK pressure on Russia and ...
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