Iraq Accuses U.S., Britain of Suspending Its Oil Prices

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Last updated at: (Beijing Time) Sunday, November 25, 2001

Iraq Accuses U.S., Britain of Suspending Its Oil Prices

An Iraqi Oil Ministry spokesman on Saturday accused the United States and British representatives at the United Nations Sanctions Committee of suspending Iraq's monthly oil prices and presumably inflicting harm on Iraq's oil production and export.

In a statement carried by the official Iraqi News Agency (INA), the spokesman said the U.S. and British delegates at the U.N. Sanctions Committee have shelved Iraq's oil prices specified for October and November, adding that Iraq's oil customers would be unable to deal with Iraq for lack of prior knowledge of its oil prices.

"This will have a negative impact on our oil production and export, and will result in the loss of some of our traditional markets in the world," he said.

This was the first such incident since 1996 when the U.N. oil- for-food program was put into effect, he added.

Nonetheless, the spokesman vowed to confront the "wicked" attempts and maintain Iraq's oil production level.

The U.N. oil-for-food deal allows sanctions-hit Iraq to export oil and use part of the proceeds to buy food, medicine and other essentials to offset the impact of the U.N. sanctions imposed on for its invasion of Kuwait in 1990.

Under U.N. regulations, Iraq submits its monthly oil pricing formula to the U.N. overseers who are responsible for giving consultations and advice to the U.N. Sanctions Committee.

Iraq interrupted its oil export in last December because of wrangling with the U.N. Sanctions Committee over its oil pricing mechanism.