June 16, 1998 |
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.
May 31, 1998 |
Secretary-General Kofi Annan approved Baghdad's plan for distributing food and medicine purchased under the oil-for-food plan, paving the way for Iraq to export as much as $5.2 billion worth of oil over the next six months. Annan's approval of the distribution plan was the last major hurdle to be cleared before the next phase of the sales plan could begin. The current phase expires Tuesday. U.N.
December 2, 1997 |
U.N. Secretary-General Kofi Annan on Monday asked the Security Council to consider increasing the amount of oil Iraq can sell to raise money for food and medicine, though he did not recommend a specific increase in oil exports. U.N. officials said they urged him to double the $2 billion worth of oil Iraq now can export every six months, but he backed off on figures at the request of the United States. Two-thirds of the oil revenue Iraq receives goes to buy humanitarian goods.
June 5, 1997 |
The Security Council voted unanimously to approve a six-month renewal of its "oil for food" deal with Iraq to ease the plight of civilians who have been under crippling sanctions for nearly seven years. The United States and Britain supported the measure despite their complaints that the U.N. is not monitoring the distribution of supplies carefully enough.
February 12, 1997 |
Skirting the shoals of Iran's Persian Gulf coast, tankers are smuggling tens of thousands of tons of fuel oil out of Iraq in violation of U.N. sanctions, a U.S. admiral said Tuesday. The embargo breakers and their Iranian protectors have had two confrontations with the Navy in the last two weeks, ramming a U.S. frigate in one showdown that wasn't publicized. "Our indications are that this is a rather sophisticated effort, centrally controlled within Iran," Vice Adm. Thomas B.
December 11, 1996 |
President Saddam Hussein was showered with flowers after making a surprise appearance at a pumping station to open the pipeline carrying the first Iraqi oil exports since the 1991 Persian Gulf War. But 29,000 barrels later, Iraq was stopped from pumping oil to Turkey, having jumped the gun before the United Nations formally approved any contracts for delivery of oil, U.N. officials said. Under a closely monitored U.N.
December 10, 1996 |
Iraq will be permitted to sell $2 billion worth of oil on world markets over the next six months in a long-delayed deal that allows President Saddam Hussein's government to use most of the proceeds to relieve malnutrition and disease in Iraq, the United Nations decided Monday. This will be the first break in the sanctions imposed on the Iraqi leader's government after the 1990 invasion of Kuwait that triggered the 1991 Persian Gulf War. But the U.N.
November 26, 1996 |
With a crisis of malnutrition and disease looming this winter, Iraq on Monday agreed to meet U.N. conditions for implementing a deal to sell limited amounts of its oil to fund its massive humanitarian needs. But top Iraqi officials accused the United States of putting up obstacles to the oil-for-food deal, and they asserted that the $2 billion in revenues permitted over the next six months would satisfy only a fraction of the country's requirements.
May 31, 1996 |
Oil began flowing into the pipeline that will transport Iraq's first crude exports in nearly six years under an oil-for-food deal with the United Nations. Oil Minister Amir Mohammed Rashid told a Baghdad news conference that Iraq is eager to resume sales, halted under sanctions imposed by the U.N. after Iraq's 1990 invasion of Kuwait.
January 21, 1996 |
Food prices in the Iraqi capital plummeted Saturday and the dinar soared against the U.S. dollar as news spread of Baghdad's decision to discuss U.N. terms for limited oil sales to pay for urgently needed food and medicines. Money traders said that this week had been the hardest period for business since U.N. sanctions were clamped on Iraq for invading Kuwait in 1990. "We just do not know what is happening. For the first time, I cannot read between the lines," one trader in Baghdad said.