Baghdad doubles petroleum exports under UN 'oil-for-food' programme

Iraq's petroleum exports rose sharply last week, earning Baghdad an additional €357 million (euros) or $328 million under the United Nations oil-for-food programme which allocates a portion of all petroleum revenues to the purchase of humanitarian relief for the country.

According to the UN Office of the Iraq Programme, Baghdad doubled its crude exports in the week ending on 5 October from the previous week's total of 9 million barrels. Eighteen million barrels were sold at an average price of €19.85 or $18.20 each.

The value of contracts placed on hold by the Security Council committee monitoring the sanctions against Iraq remained almost constant at $3.9 billion, the Office said. During the week, the Committee released from hold 36 contracts, worth $58.1 million, and placed on hold 30 new contracts, worth $63 million. Holds are generally placed on contracts pending more information on their end-use in Iraq.