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Iraqi petroleum exports drop slightly under UN's 'oil-for-food' programme

Iraqi petroleum exports drop slightly under UN's 'oil-for-food' programme

The United Nations oil-for-food programme today reported a slight drop in the level of exports of crude by Iraq under the humanitarian scheme, which allows Baghdad to use a portion of its petroleum revenues to purchase relief goods.

The UN Office of the Iraq Programme said that in the week ending 12 October, Baghdad sold 14.7 million barrels of oil, earning an average of €19.90 (euros) or $18.15 per barrel, and generating another €292 million or $266 million in estimated revenue. The previous week, Iraq had sold 18 million barrels for €357 million, or $328 million

The value of contracts placed on hold by the Security Council sanctions committed continued to decline over the past week. By Friday, $3.85 billion worth of contracts was on hold, down from the previous week's total of $3.9 billion. The drop came after the Committee released 11 contracts worth $62.3 million, while placing new holds on 37 new contracts worth $47.3 million.

According to the Office of the Iraq Programme, contracts are generally put on hold because they lack technical specifications or because the goods in question have the potential to be used for purposes other than those stated.