Crude oil prices plunge despite Iraqi cutoff

12/11/2000
Iraqi oil supplies are once again at the center of oil market concerns.Oil prices last week fell below $30/bbl for the first time in 4 months, as markets counterintuitively shrugged off Saddam Hussein's cutoff of Iraqi oil exports amid a procedural squabble with the United Nations Security Council over monitoring of its oil-for-aid program (see Market Movement, Newsletter, p. 5).In addition, a top United Nations official last week urged the council to rethink the current economic sanctions against Iraq in order to streamline the delivery of humanitarian aid to that country, according to a report from the Organization of Petroleum Exporting Countries' news agency, OPECNA.Exports ha...
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