Iraqi exports under UN 'oil-for-food' scheme reported low in early December

As the United Nations "oil-for-food" programme began a new phase this month, Iraq exported only 6 million barrels of crude, according to the office running the scheme, which allows Baghdad to use a portion of its petroleum revenue to purchase humanitarian relief.

During the week ending 7 December - the first of the eleventh phase, which runs through May - Baghdad earned an estimated €110 million (euros) or $98 million in revenue, the Office of the Iraq Programme said today. The previous week, Iraq had earned some €334 million (euros) or $295 million by exporting more than three times the amount of oil it sold in early December.

According to the UN oil overseers, Iraqi petroleum exports in phase 10 of the programme reached just over 300 million barrels. Nearly 70 per cent of that oil went to the United States market, with 27.5 per cent destined for Europe and 3.1 per cent for Asia.

The Office also reported that the "upward trend" in the total value of contracts placed on hold by the Security Council committee monitoring the sanctions against Iraq continued, reaching $4.51 billion. During the past week, the committee released from hold six contracts worth $5.9 million, while placing on hold 53 new contracts worth $139.9 million. Contracts are generally placed on hold because of concerns that the goods may be used for purposes other than those stated.