Iraq to resume its oil exports

An official at the Iraqi Ministry of Oil said on Sunday that Iraq will resume between December 15 and 17 its oil exports suspended for three weeks.

The same official added, "We hope the Iraqi oil will be loaded on tankers, according to the oil-for-food agreement between December 15 and 17."

He continued that Iraq has started signing new contracts to sell oil in preparation to start loading it for exportation.

Through resolution 1281, the UN Security Council renewed the oil-for-food agreement for another six months, a matter which will permit Iraq to sell oil worth US $5.2 billion every six months.

On November 23, Iraq suspended its oil exports in protest of the UN Security Council's extension of the oil-for-food agreement for two short periods of two weeks and then one week, respectively.