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Gold/Mining/Energy : Gold Price Monitor

GDXJ 97.80

+0.9%

Nov 19 4:00 PM EST

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To: Ahda who wrote (60718)	11/9/2000 3:07:59 PM
From: Alex	Read Replies (2) of 116763

Oil holds strong as Iraq halts exports LONDON OIL prices held strong today after gains this week led by supply worries at two major producers - Nigeria and Iraq. London Brent blend futures started unchanged at $31.68 after Iraq on Tuesday halted crude exports out of the key Turkish port of Ceyhan. US light crude was up five cents at $33.45. The suspension was expected to last up to 24 hours while the United Nations put in place a mechanism to allow Iraq to get crude payments in euros instead of dollars. An industry source said today that shipments from Ceyhan, which accounts for about one million barrels daily of Iraq’s 2.4 million bpd of oil sales, remained closed. "There is radio silence from Baghdad," said the source. "We’ll have to see when they decide to reopen again." UN sources said the export halt was linked to Iraq’s demand for the UN to put in place a mechanism to receive payment in euros rather than dollars. Dealers said the move was seen as Baghdad’s latest attempt to use oil as a political weapon in defiance of the west, especially as Americans were electing a new President. Iraqi crude sales are monitored by the UN under the strict terms of the world body’s oil-for-food programme with which Baghdad has become increasingly impatient. Underlining that dissatisfaction, Iraqi Deputy Prime Minister Tariq Aziz, in a letter to United Nations Secretary-General Kofi Annan, questioned the benefit to Iraq of Baghdad’s continued participation in oil-for-food exchange. The official Iraqi News Agency, in a dispatch from New York, said Aziz complained that there was no benefit for Iraq in continuing to export oil while the revenues generated were accumulated in a French bank in New York.—Reuters economictimes.com

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