Slide 6 of 14
Notes:
A major reason for the price collapse was the re-emergence of Iraqi oil exports. On Dec. 9, 1996, UNSC approves Resolution 986 authorizing Iraqi oil exports.
Then on Feb. 20, 1998, UNSC more than doubles the amount of oil revenues Iraq can collect on the “oil-for-food” plan.
On Oct. 4, 1999, the revenue cap was raised again on a 1-time basis. However, now there is essentially no revenue cap; but all money is still collected by the UN and is used to buy goods which are then distributed within Iraq.
