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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Lucretius who wrote (2908)	7/10/2000 2:46:31 PM
From: pater tenebrarum	of 436258

Iraqui oil output declining : 07/10 Iraqi Crude Oil Exports Likely to Fall in July, MEES Reports London, July 10 ( Bloomberg ) -- Iraqi crude oil exports under a United Nations-sponsored oil-for-aid program fell by 500,000 barrels a day to 1.94 million in June and are likely to post a similar decline for at least the first two weeks of July, the Middle East Economic Survey reported, citing oil traders. Reasons for the decline, which comes against a background of rising Iraqi oil production capacity, include Iraq's delay in signing the agreement to roll over the previous phase of the oil-for-aid program and low demand for so-called sour crude oil of the type Iraq produces, MEES said. Pressure on sour crude prices could increase if Saudi Arabia proceeds with its plan to raise output by 500,000 barrels a day because most of that will be sour crude, the Nicosia-based weekly said. Iraq, the fourth-largest crude oil producer in the Organization of Petroleum Exporting Countries, doesn't participate in the group's agreements on output levels.

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