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The Oil-for-Food Programme ( OIP) was established by the United Nations in 1995 (under UN Security Council Resolution 986) [1] to allow Iraq to sell oil on the world market in exchange for food, medicine, and other humanitarian needs for ordinary Iraqi citizens without allowing Iraq to boost its military capabilities.
2023 marked the sixth straight that the United States led the world in oil production, shale oil fracking has dramatically increased the country's oil output since 2010. The United States also became a net petroleum exporter in 2020, for the first time since at least 1949. U.S. crude oil exports reached a record high in the first half of 2023.
Petrocurrency. Petrocurrency (or petrodollar) is a word used with three distinct meanings, often confused: Dollars paid to oil-producing nations ( petrodollar recycling )—a term invented in the 1970s meaning trading surpluses of oil-producing nations. [1]
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For example, a farmer in Creuzier-le-Neuf was fined in April 1941 by a court in Cusset for having given 13 pounds of butter to some friends. Page one of the La Croix newspaper of 29 October 1943, distinguishing the black market from the farmer grey market. Still, the black market was increasingly considered legitimate.
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