Iraq: UN reports further drop in crude exports under 'oil-for-food' programme

Iraqi crude exports under the United Nations oil-for-food programme continued to drop over the past week, according to the UN office overseeing the effort that allows Baghdad to use a portion of its petroleum revenue to purchase humanitarian relief.

Exporting 10.9 million barrels at an average price of €18.58 (euros) or $16.62 each, Baghdad earned an estimated €201 million or $179 million in revenue, the Office of the Iraq Programme said today.

In the week ending 2 November, Iraqi oil exports had dropped to 14.6 million, down from the previous week's total of 14.9 million barrels.

The total value of contracts placed on hold by the Security Council committee monitoring the sanctions against Iraq now stands at $4.14 billion, the Office said. Over the past week, the committee released from hold contracts worth $1.3 million, while placing new holds on 36 additional contracts worth $84.6 million.