Issue 529 - 12 Feb 1996
The Iraqi government's agreement to enter into talks with the UN on the terms of UN Security Council Resolution 986 sent shock waves through the oil market and prompted jubilation in Baghdad. Saddam's proposal to open talks, aired on 20 January, led to the initiation of discussions on 6 February and raised the prospect of Iraq being allowed to export up to $1 billion worth of oil every three months to fund humanitarian imports.
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