Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Iraq Claims Oil Deal

UNITED NATIONS () -- Iraq has reached "full agreement" with the United Nations on the remaining issues standing in the way of implementation of an oil-for-food deal, the Iraqi UN ambassador said Monday.

Secretary General Boutros Boutros-Ghali must give the formal go-ahead, which would allow Iraq to re-enter world oil markets for the first time in six years.

The UN Sanctions Committee also must sign off on a formula for setting the price of Iraqi oil. On Friday, U.S. officials said the committee would approve the formula, perhaps this week.

"We have reached full agreement with them," Iraqi Ambassador Nizar Hamdoon told reporters after meeting with UN Undersecretary General Chinmaya Gharekhan.