Iraqi oil exports under UN ‘oil-for-food’ programme dip slightly
Over the past week, Iraqi oil exports dropped by 2 million barrels, but Baghdad still earned an estimated €224 million (euros) or $196 million under the United Nations “oil-for-food” programme, which allows the country to use a portion of its petroleum revenues to purchase humanitarian relief.
Last week’s total came through the sale of 11.5 million barrels of oil at an average price of approximately €19.50 or $16.90 each, the UN Office of the Iraq Programme reported today.
Also over the past week, UN oil overseers approved five new oil purchase contracts for 10.5 million barrels of crude, bringing the total number of approved contracts to 120, covering 291 million barrels.
During the same period, the committee which monitors the sanctions against Iraq released from hold 22 contracts worth $40.7 million, while placing new “holds” on 52 contracts worth $79.3 million. The total value of “holds” now stands at $5.27 billion.