Baghdad appears for now to have had the last word in the furore over its demand for payments made after 6 November for Iraqi oil to be made in Euros, or any other currency than US dollars. According to UN sources, would-be purchasers of Iraqi crude at the Ceyhan terminal in Turkey were refused permission to lift oil on 12 November, apparently because they had failed to present euro-denominated letters of credit. At least two oil tankers were subject to delays at Ceyhan due to a lack of properly specified letters of credit.

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