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Iraq Resumes Oil Export After 12-Day Halt
Following a halt of 12 days, Iraq resumed oil export on Wednesday, December 13, after a foreign tanker loaded with crude oil sailed out of Iraq's southern port city of Mina Al- Bakr.
Iraq suspended oil export on December 1 after it failed to reach an agreement with the United Nations on an oil pricing formula.
Iraq had proposed lower prices for oil exports in December to compensate buyers of its oil for a premium of 50 cents a barrel and wanted the funds paid into an account not controlled by the United Nations.
The UN Sanctions Committee rejected the pricing formula, saying that it did not reflect a fair market value.
However, after intense negotiations, the UN and Iraq reached an agreement on oil prices for December. But the new pricing formula was not disclosed.
Iraq said that it lost some US$1.5 billion due to the halt of oil export.
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