Iraqi petroleum exports drop sharply under UN 'oil-for-food' programme

Iraqi crude exports under the United Nations oil-for-food programme dropped sharply last week, according to the Office running the scheme, which allows Baghdad to use a portion of its petroleum revenues to purchase humanitarian relief.

The Office of the Iraq Programme reported today that Baghdad sold only 2.6 million barrels of oil during the first week in June, down from the previous week's high of 15.3 million barrels. The exports garnered an estimated €60 million (euros) or $55 million in revenue.

The oil-for-food programme is currently facing a budget shortfall which has left 926 approved humanitarian supply contracts, worth about $2.28 billion, without funds. These include contracts for housing, electricity, food, transportation, agriculture, sanitation and education.