Iraq intends to halt its oil exports from tomorrow ..


Experienced member
Just found this news thought those members invested in oil stocks might be interested...

NICOSIA (AFX) - Iraq intends to halt its oil exports from tomorrow unless
companies agree to pay the 50 cent-per-barrel surcharge it has called for, the
Middle East Economic Survey (MEES) said.
MEES said it understands that Iraq's State Oil Marketing Organization (SOMO)
sent a fax to buyers saying that unless they pay the surcharge into a special
account from Dec 1, they will lose their cargoes.
Yeh i read that, did'nt influence me but i sold shell was'nt going the way i i took a small profit. I will be getting back in before Xmas,if the price is right, for the usual January rise(hopefully)
Shell have a buy back due.
If there is a tech revival imminent could it affect oil stocks and other sectors?
WASHINGTON, Nov 30 (AFP) - The United State is ready to take
action, including dipping further into its strategic petroleum
reserve, if Iraq halts its oil exports, Energy Secretary Bill
Richardson said here Thursday.
"The US is prepared to respond to Iraq if they take these
steps," Richardson told reporters after addressing a conference on
electricity deregulation.
Asked if the Clinton administration would be willing to release
more oil from the strategic petroleum reserve (SPR), he said: "We
are ready to do it quickly."
He added that several oil-exporting countries in the Middle East
had pledged to compensate for any shortfall.
"Several Gulf states have said they would make up the shortfall
... and we could use the SPR (Strategic Petroleum Reserve),"
Richardson said.
The respected Cyprus-based newsletter Middle East Economic
Survey reported Thursday that Iraq intended to halt oil exports from
2100 GMT Thursday unless companies agreed to pay a
50-cent-per-barrel surcharge that it has demanded.