U.S. oil companies have drastically reduced imports of Iraqi oil over the past five months. It was led firstly by a sharp decline in Baghdad's exports and Iraq’s ability to transfer money from the U.N.-supervised oil-for-food program, which you know allows the country buy humanities for oil dollars. But on the other hand this is an internal policy of American companies as punishment to Iraq. Imports of Iraqi crude oil have fallen from about one million barrels a day five months ago to 100,000-200,000 barrels a day. Iraq loses about $20 million per day in oil export revenues amount.This instability makes it impossible for traders to determine the price of oil before buying it. Analysts predict the oil companies may also be seeking alternative sources of crude oil in the event of U.S. military action to oust Iraqi leader Saddam Hussein.
The choice of the city of Helsinki is not incidental as the capital of Finland had hosted US-Soviet negotiations on the limitation of nuclear stockpiles in 1969