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NEWS
August 3, 1990 | TOM REDBURN, TIMES STAFF WRITER
The broad trade embargo that President Bush imposed on Iraq is not expected to have a major impact on that country's economy, analysts said Thursday, and Washington cannot push for worldwide sanctions without risking a recession at home. In theory, analysts said that Iraq's heavy economic dependence on selling oil abroad should make it highly vulnerable to the kind of economic sanctions that Bush--and other American Presidents--historically have relied upon to achieve their foreign policy goals.
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BUSINESS
June 5, 2001 | Associated Press
OPEC oil ministers tried to reassure nervous energy markets that the producers' cartel would make up for any shortage of crude after Iraq halted most of its oil exports. Crude prices shot higher initially on the Iraqi announcement, but then lost those gains as it became apparent that OPEC members will not allow a shortfall to occur. "We're going to make sure that demand is met."
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NEWS
March 4, 1999 | From Associated Press
A key pipeline that Iraq said was damaged by a U.S. airstrike has resumed pumping oil to Turkey, U.N. officials said Wednesday. U.N. officials had expressed "deep concern" about the damage Sunday to the pipeline's communications centers and its impact on the oil-for-food program, which allows Baghdad to sell limited amounts of oil to buy food and medicine for Iraqis, who are under U.N. sanctions.
NEWS
April 16, 2001 | From Times Wire Reports
A ship smuggling thousands of tons of Iraqi oil sank in the Persian Gulf, a U.S. Navy official said, and authorities in Dubai said some of the fuel spilled into the water. Crews were trying to contain the spill more than 24 hours after the ship sank about 20 miles off the Dubai coast, an official at the Dubai Port Control said. Cmdr. Jeff Gradeck, a spokesman for the Navy's 5th Fleet, said the ship had 3,850 tons of fuel oil on board and had been intercepted several days earlier for violating U.
NEWS
November 28, 1999 | Associated Press
Iraq's oil minister on Saturday urged other oil-producing nations not to boost output because of his country's decision to stop exports in the wake of a U.N. decision it opposed. Oil Minister Amer Mohammed Rashid said Iraq's oil exports halt is only temporary, and the country will resume shipments if the United Nations renews the "oil-for-food" program for another six months. Renewals of the program have been fairly routine. But on Nov. 20, the U.N.
NEWS
May 19, 1999 | JANET WILSON, TIMES STAFF WRITER
Britain and the Netherlands plan to introduce a Security Council resolution that could allow foreign oil companies to invest in Iraq if President Saddam Hussein cooperates with U.N. weapons inspectors, and if a team of experts to be assembled by Secretary-General Kofi Annan recommends it. "We want to move full-steam ahead on humanitarian provisions to the people of Iraq," a British diplomat at the U.N. said Tuesday.
NEWS
May 22, 1999 | From Times Wire Reports
The Security Council agreed to extend for six months a humanitarian program to help ordinary Iraqis cope with economic sanctions. Despite its unanimous vote on the "oil-for-food" program, the council remains deeply divided over how to improve conditions in Iraq and restart U.N. arms inspections halted by Western airstrikes. The U.N. program allows Iraq to export $5.25 billion in oil over six months to buy food and humanitarian supplies.
BUSINESS
June 16, 1998 | NANCY RIVERA BROOKS, TIMES STAFF WRITER
The prospect of a worsening glut of oil drove prices down more than 8% Monday in the seventh straight daily decline, sending futures contracts below $12 a barrel for the first time since 1986. The fear of the day concerned Iraq, analysts said, with signals that export sanctions could be removed this year and allow Iraq to sell oil to a world market already swimming in too much crude.
NEWS
June 25, 2000 | From Times Wire Reports
An Iraqi oil tanker carrying 650 tons of fuel to the United Arab Emirates in violation of international sanctions was seized, Kuwaiti officials said. The official Kuwait News Agency quoted an Interior Ministry statement as saying that the tanker, which was carrying diesel fuel, was intercepted inside Kuwaiti territorial waters. Under the sanctions, imposed after Iraq invaded Kuwait in August 1990, Baghdad is allowed to sell oil only to finance the purchase of food and medicine.
NEWS
April 1, 2000 | From Associated Press
The Security Council decided Friday to let Iraq spend more money to repair its oil industry--an investment intended to boost the amount of food and medicine Baghdad can buy through a U.N. humanitarian relief program. Iraqi Oil Minister Amir Mohammed Rashid Ubaydi welcomed the decision, which he called a victory for Iraq. "When good insists, . . . evil backs down," he said, speaking in Baghdad before the vote. All 15 ambassadors voted in favor of the U.S.-sponsored resolution without comment.
NEWS
February 16, 2001 | From Associated Press
A former government official from Thailand and two businessmen pleaded guilty Thursday in a scheme to smuggle Iraqi oil. Surasak Nananukool, a former Thai deputy finance minister, pleaded guilty in federal court to a felony currency violation in a plea agreement. A more serious charge of conspiracy was dismissed as part of the agreement, which was signed in U.S. District Court for the Southern District of California.
NEWS
December 12, 2000 | Reuters
Iraq on Monday reportedly applied the brakes on the resumption of oil sales under the United Nations' oil-for-food program by insisting on an illegal surcharge. Baghdad told customers they would have to make a payment--40 cents a barrel above the prices agreed to with the United Nations last week--directly to an Iraqi bank account, industry sources said. Under the U.N. humanitarian program, buyers make payments straight to a U.N. escrow account.
NEWS
December 6, 2000 | From Times Wire Reports
The Security Council approved a six-month extension of the U.N. humanitarian program for Iraq, aiming to get more aid to the country's neediest people and provide its ailing oil industry with up to $530 million in additional funding. Whether Iraq actually gets the money will depend on its willingness to cooperate with the U.N., which is required to monitor how funds are spent. The oil-for-food program allows the sale of oil only if proceeds go for humanitarian supplies or oil equipment.
NEWS
July 3, 2000 | ROBIN WRIGHT, TIMES STAFF WRITER
To aid Iraq's largest sanctions-busting operation, Iran has opened its strategic Qeys island for secret transfers of illicit Iraqi oil to ships that can evade a United Nations blockade, according to Clinton administration officials. Traffic has become so heavy in recent weeks that the regime of Iraqi President Saddam Hussein is smuggling as much as 100,000 barrels of oil a day, netting as much as $42 million a month that is being used in part to rebuild Iraq's weapons of mass destruction, U.S.
NEWS
June 25, 2000 | From Times Wire Reports
An Iraqi oil tanker carrying 650 tons of fuel to the United Arab Emirates in violation of international sanctions was seized, Kuwaiti officials said. The official Kuwait News Agency quoted an Interior Ministry statement as saying that the tanker, which was carrying diesel fuel, was intercepted inside Kuwaiti territorial waters. Under the sanctions, imposed after Iraq invaded Kuwait in August 1990, Baghdad is allowed to sell oil only to finance the purchase of food and medicine.
NEWS
June 6, 2000 | ROBIN WRIGHT, TIMES STAFF WRITER
In an unexpected reversal, Iran has opened its protected sea lanes to dozens of ships carrying illegal shipments of Iraqi oil in violation of U.N. sanctions on Saddam Hussein's government, U.S. officials said Monday. The Clinton administration considers the about-face alarming because oil smuggling is Hussein's only major source of independent income. U.S. officials have estimated that unfettered access to Iranian waters could generate as much as $1 billion for his regime this year.
NEWS
December 12, 2000 | Reuters
Iraq on Monday reportedly applied the brakes on the resumption of oil sales under the United Nations' oil-for-food program by insisting on an illegal surcharge. Baghdad told customers they would have to make a payment--40 cents a barrel above the prices agreed to with the United Nations last week--directly to an Iraqi bank account, industry sources said. Under the U.N. humanitarian program, buyers make payments straight to a U.N. escrow account.
NEWS
December 6, 2000 | From Times Wire Reports
The Security Council approved a six-month extension of the U.N. humanitarian program for Iraq, aiming to get more aid to the country's neediest people and provide its ailing oil industry with up to $530 million in additional funding. Whether Iraq actually gets the money will depend on its willingness to cooperate with the U.N., which is required to monitor how funds are spent. The oil-for-food program allows the sale of oil only if proceeds go for humanitarian supplies or oil equipment.
NEWS
April 1, 2000 | From Associated Press
The Security Council decided Friday to let Iraq spend more money to repair its oil industry--an investment intended to boost the amount of food and medicine Baghdad can buy through a U.N. humanitarian relief program. Iraqi Oil Minister Amir Mohammed Rashid Ubaydi welcomed the decision, which he called a victory for Iraq. "When good insists, . . . evil backs down," he said, speaking in Baghdad before the vote. All 15 ambassadors voted in favor of the U.S.-sponsored resolution without comment.
NEWS
February 7, 2000 | Associated Press
Tests confirm that a Russian tanker seized by the U.S. Navy in the Persian Gulf was carrying Iraqi oil in violation of a U.N. economic embargo, Defense Secretary William S. Cohen said Sunday. The Volgoneft-147 was being taken to Muscat, the capital of Oman, and the Omani government will determine the fate of the merchant vessel and its crew, Cohen told reporters while flying back from Germany, where he attended a conference on European security.
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