UN reports sharp increase in Iraqi petroleum exports under oil-for-food plan

10 April 2001

Baghdad's United Nations-administered oil exports surged to an average of 2.29 million barrels a day last week, up from 1.8 million the previous week, according to statistics released today by the UN office overseeing the effort.

The Office of the Iraq Programme reported that during the week of 31 March to 6 April, Iraq sold 16 million barrels of oil, earning an estimated €356 million euros in revenue at current prices. Under the UN's oil-for-food programme, Iraq is allowed to use a portion of its petroleum revenues to purchase humanitarian relief.

Over the same period, seven new oil purchase contracts for a total of 12 million barrels of oil were approved by the UN. That brings the number of approved contracts to 146, covering over 451 million barrels of oil, the Office said.

The total value of contracts placed on hold by the Security Council committee monitoring the sanctions against Baghdad now stands at $3.43 billion, including $2.99 billion for humanitarian supplies, and $438 million for oil industry spare parts and equipment.

 

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