May 28th 2012

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Crude falls awaiting restart of Iraqi oil exports

Published on December 8, 2000; Published on February 13, 2011

International oil prices fell on Friday as dealers awaited the resumption of Iraqi oil exports monitored by the United Nations.

Topics :: UN , UN Security Council , Iraq , U.S.

The price of U.S. light crude fell 69 cents to $28.76.

The drop was sparked by the news that the UN recommended the UN Security Council's sanctions committee approve new December oil price proposals for Iraqi crude sales. Following approval, Iraq can resume the export of crude at its two main ports.

The ports are at a standstill, marking the eighth day Iraq has failed to contribute its 2.3 million barrels.

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