UN reports sharp drop in Iraqi exports under humanitarian oil-for-food scheme

The volume of Iraqi oil exports under the United Nations oil-for-food programme dropped sharply over the past week, according to the office running the scheme, which allows Baghdad to use a portion of its petroleum revenues to purchase humanitarian relief.

Iraq exported 9 million barrels of oil in the week ending 28 September - a decrease of more than 7 million barrels from the previous week's high of 16.4 million, according to the Office of the Iraq Programme.

During the period, Baghdad earned an estimated €185 million (euros), or $170 million, selling its crude for an average price of approximately €20.55, or $18.90 per barrel.

The Office also announced that the Security Council's committee monitoring the sanctions against Iraq has approved the pricing mechanisms for the country's crude oil deliveries to the United States market during September.

This development marks a breakthrough in the Security Council impasse which late last month had blocked the setting of prices for Iraqi crude destined for the United States market.