Iraqi petroleum exports under UN 'oil-for-food' scheme double in one-week period

Iraqi petroleum exports under the United Nations oil-for-food programme more than doubled over the past week, according to the UN office running the scheme, which allows Baghdad to use a portion of its crude revenues to purchase humanitarian relief.

From a low of 3.1 million barrels in the week ending 14 June, Iraq exported 7.7 million barrels last week, earning approximately €185 million (euros) or $175 million, the Office of the Iraq Programme reported today.

Despite the rising exports, the programme still faces a persistent funding shortfall which has left over 1,000 approved humanitarian supply contracts worth about $2.26 billion lacking in funds. Among the affected sectors are electricity, food, housing, agriculture, health, communications, education, water and sanitation.

At the same time, there are currently 2,152 humanitarian contracts, valued at almost $5.3 billion, which remain on hold, according to the Office. Under new procedures adopted by the Security Council, all contracts will be processed and either rejected or released in the period ahead.