Iraq resumes petroleum exports under United Nations 'oil-for-food' programme

Following a six-week suspension, Iraq has re-started its petroleum exports under the United Nations humanitarian programme which allows Baghdad to use a portion of its oil revenues to purchase relief goods, a United Nations spokesman announced today.

"Iraq has resumed pumping oil this morning under the United Nations 'oil-for-food programme,'" spokesman Fred Eckhard told reporters at UN Headquarters in New York. Exports had been suspended since 4 June.

Meanwhile, over the past week, oil overseers approved a new purchase contract for 2 million barrels of Iraqi crude, according to the UN office which oversees the humanitarian relief effort. There are currently 178 approved oil contracts covering 580 million barrels of oil.

During the same period, the Security Council committee monitoring the sanctions against Iraq freed up five contracts worth $7.56 million, while placing on hold 50 new contracts valued at $93.3 million, the Office of the Iraq Programme said. The total value of "holds" now stands at over $3.4 billion.