Iraqi crude exports under UN 'oil-for-food' programme pick up pace
Iraqi petroleum exports under the United Nations oil-for-food programme picked up last week, generating an estimated €427 million (euros) or $375 million in revenue, the UN office running the scheme, which allows Baghdad to use a portion of its profits to purchase humanitarian relief, said today.
In the week ending 29 March, the country exported 16.5 million barrels at an average price €25.9 or $22.7 each, the Office of the Iraq Programme reported. The previous week, Baghdad had exported only 6.7 million barrels.
The total value of contracts placed on hold by the Security Council committee monitoring the sanctions against Iraq dropped during the past week by approximately $280 million, or some 5 per cent. Following the release from hold of several high-value contracts, including one in the electricity sector worth $105 million, the total value of "holds" stood at barely $5 billion, the Office said.