23 June 2000 Iraq’s trade relations with its Arab neighbors are flourishing. Businessmen from around the region are flocking to Baghdad. Bustling trade fairs reminiscent of the days before sanctions are back. Viewed regionally, economic sanctions seem to be crumbling, as Iraq wends its way back into the Arab economic – although not yet the diplomatic – arena. Since the inauguration of the United Nations oil-for-Food program in 1996 first…
Category: 2000
A historical
Big Fish
14 July 2000 Preparing for the day when UN sanctions are finally lifted, Iraq went touting its oil wares to an international audience in Paris last week. The audience – which included supergiants Exxon Mobil, Royal Dutch/Shell, BP Amoco, and Total Fina Elf, as well as a host of slightly smaller fry – also got to hear about some ambitious post-sanctions marketing plans, including moves to recapture more of the…
Mountains out of Molehills
13 October 2000 Judging by the ambitious requests for oil spare parts and equipment that Iraq submitted to the UN under the latest phase of the oil-for-food program, its sustainable crude oil output could rise well beyond the 3.4 million barrels per day year-end total being talked about by some earlier this year. But a detailed examination of the lists previously approved by the UN and the equipment actually delivered…
Euro Fan
20 October 2000 Baghdad’s politically motivated bid to replace the US dollar with the beleaguered euro as its currency for international transactions – including oil sales – could become reality. There is a precedent: Libya has been receiving oil payments in currencies other than the dollar for some time, and in euros occasionally, since the start of this year. Provided the Iraqi oil pricing formula is calculated in dollars –…