Iraqi oil exports continue to decline under UN’s humanitarian programme

Iraqi exports under the United Nations “oil-for-food” programme continued a recent pattern of decline, dropping sharply over the past week to 6.7 million barrels, according to the Office running the scheme, which allows Baghdad to use a portion of its petroleum revenues to purchase humanitarian relief.

In the week ending 22 March, Iraq took in only about €170 million (euros) or $150 million, the Office of the Iraq Programme said. The previous week, exports had plummeted to 11.4 million barrels – that figure itself a drop from the 14.2 million barrels exported in the week before.

Meanwhile, during the week ending 22 March the value of contracts placed on hold by the Security Council committee monitoring the sanctions against Iraq dipped by $20 million, to just under $5.3 billion.