Strong Iraqi exports reported under UN's 'oil-for-food' programme
According to the weekly update from the UN Office of the Iraq Programme (OIP), the exports, which averaged 2.4 million barrels per day, generated 404 million euros or $356 million. During the current phase of the programme, which runs through 30 November, Iraqi oil exports have generated $1.1 billion.
Under the terms of the plan, Baghdad is allowed to use a portion of its petroleum revenues - 72 per cent - to purchase humanitarian relief.
In a related development, OIP reported that the Security Council sanctions committee released from hold 78 contracts worth $265 million, with the total value of contracts currently on hold dropping to some $3.4 billion, from $3.5 billion the week before. "In all, 1,418 contracts are on hold, of which 969 worth over $2.9 billion are for humanitarian supplies and 449 contracts worth $434 million for oil industry spare parts and equipment," OIP said.