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United Nations Panel Paid Out to Kuwait’s National Oil Company

A United Nations panel paid out $600 million to Kuwait’s national oil company on Tuesday as compensation for Iraq’s invasion and occupation of Kuwait three decades ago. The U.N. Compensation Commission said it has paid out $51.3 billion since approving some 1.5 million claims related to the invasion by governments and international organizations in 2005.

The Kuwait’s Petroleum Corporation claimed $14.7 billion for oil production and sales losses resulting from damage to the country’s oil fields during the 1990-91 Iraqi invasion and occupation that resulted in the U.S.-led Gulf War. The corporation is the sole remaining claimant and can expect to receive a further $1.1 billion.

United Nations Panel Paid Out to Kuwait’s National Oil CompanyUnder a 1991 U.N. Security Council resolution, Iraq set aside a percentage of proceeds from its oil exports for the compensation fund. That share is currently set at 3%. At the current rate of payment, the final tranche is expected to be paid within a year. Kuwait’s crude oil gained USD 1.23 during Tuesday’s trading sessions to reach USD 74.25 PB compared with USD 73.02 PB the day before, Kuwait’s Petroleum Corporation (KPC) said Wednesday. Brent futures retreated two cents to USD 74.48 PB and West Texas Intermediate dropped 26 cents to USD 71.65 PB.

The United Nations decided to set up a panel of experts to investigate systemic racism in policing against people of African descent, adding international weight to demands in the United States for accountability for police killings of African Americans, and reparations for victims.

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