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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Think4Yourself who wrote (60230)2/14/2000 12:08:00 AM
From: Tomas  Read Replies (2) of 95453
 
Iraq Warns of Further Oil Cuts
By LEON BARKHO, Associated Press Writer
February 13

BAGHDAD, Iraq (AP) -- Iraq has reduced its oil output and will consider further cuts unless the United Nations removes its hold on contracts for spare parts, the Iraqi trade minister said in remarks published Sunday.

With world oil prices rising and supplies being tight, a substantial cut in Iraqi exports could push prices higher if the Organization of Petroleum Exporting Countries continues to restrict its production.

U.N. figures and latest data released by the Oil Ministry show that Iraq has slashed its U.N.-monitored oil sales by nearly 400,000 barrels a day.

Its output was about 2.9 million barrels last fall, of which about 2.3 million barrels daily were reserved for exports. Since the start of a new agreement with the U.N. was reached in early December, Iraq has been exporting at about 1.9 million barrels a day, according to figures from the United Nations and the oil ministry.

``If the sanctions committee does not quickly approve contracts submitted to it, Iraq will not be able to continue pumping to the previous levels,' Mohammed Mehdi Saleh told the U.N. Secretary-General Kofi Annan in Thailand this week, according to the state-run newspaper Al-Thawra.

Saleh did not say by how many barrels Iraq would cut its output. But Oil Minister Amer Mohammed Rashid told Cable News Network television on Saturday that a cut of ``a quarter million (barrels) or even more' was possible.

The sanctions committee vets contracts under the U.N. oil-for-food program which allows Iraq to purchase food, medicine and essential goods in an exemption to the embargo imposed after the 1990 invasion of Kuwait. U.S. and British representatives on the committee have often delayed approval on grounds that certain purchases could have a military use.

biz.yahoo.com
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