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Oil buyers of Iraqi oil will pay in euros instead of dollars, following the United Nations’ agreement to Iraq’s demand. This move removes the risk of petroleum export interruptions from Iraq. The U.N. Iraq Sanctions Committee made the decision on Monday after Iraq agreed to extend the deadline for the switch to Monday from Wednesday. However, oil industry analysts believe that this resolution will likely only serve as the beginning of other disputes, as they expect Baghdad to continue undermining the sanctions.
Tuesday, 31 October, 2000