approves a statement condemning Iraq's threats to expel the Americans. (DJ) November 20: Iraq's Revolution Command Council formally endorses an agreement, arranged by Russia, that enables United Nation's (U.N.) weapons inspection teams to resume operations in Iraq. The deal ends a three-week standoff between the U.N. and Iraq that began in late October 1997 after Iraq announced it would no longer allow U.S. citizens to serve on U.N. weapons' inspection teams. (DJ) November 29: For the first time in four years, OPEC agrees to an increase in its production ceiling. OPEC has raised the ceiling to for the first half of 1998, effective January 1, 1998. The new ceiling represents a 10 percent increase over the current ceiling. The new quotas are as follows: Saudi Arabia (bbl/d), Iran , Iraq , Venezuela , Nigeria , Indonesia , Kuwait , Libya , United Arab Emirates , Algeria , and Qatar . (NYT) December 4: Iraq's United Nations (U.N.) Ambassador Nizar Hamdoon warns that Iraq will not allow oil to flow during a third six-month phase of the U.N.'s oil-for-food sale until the U.N. approves an aid distribution plan. Despite the warning, the U.N. Security Council approves a third six-month phase following the end of the second six-month phase. Like the first two phases, the third phase allows Iraq to sell up to $1.07 billion of oil in each of two 90-day periods. However, the sales level may be increased by the Security Council in January 1998 after U.N. Secretary-General Kofi Annan reports on Iraq's needs. The next day Iraq stops pumping oil into the Iraqi-Turkish pipeline at the end of the second six-month phase of the United Nations (U.N.) oil-for-food program. (WP, NYT) December 11: Delegates from 150 industrial nations attending a United Nations climate conference in Kyoto, Japan reach agreement on a protocol to control heat-trapping greenhouse gases. The protocol, if ratified, would commit nations to roll back emissions of six greenhouse gases (carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons, and sulphur hexafluoride) below 1990 levels. Under the protocol, the United States would be required to reduce its greenhouse gas emissions by 7 percent below 1990 levels, while Europe and Japan would make cuts of 8 percent and 9 percent, respectively. Developing countries are exempt from the emissions ceilings for the time being. (DJ) See also World oil market chronology from 2003 2001 world oil market chronology Sources Energy Information