Little change reported in Iraqi exports under UN oil-for-food programme

Little change reported in Iraqi exports under UN oil-for-food programme

Iraqi petroleum exports under the United Nations oil-for-food programme changed only slightly over the past week, the United Nations office running the scheme reported today.

Iraq exported 8 million barrels last week, up slightly from 7.7 million barrels in the week ending 21 June, netting about €190 million (euros) or $185 million, according to the Office of the Iraq Programme, which allows Baghdad to use part of its crude revenues for humanitarian relief.

Despite rising exports, the programme still faces a persistent shortfall, which has more than 991 approved humanitarian supply contracts worth about $2.2 billion lacking funds. Among the affected sectors are food, electricity, housing, agriculture, health, communications, education, water and sanitation.

At the same time, there are currently 2,170 contracts for various humanitarian supplies, valued at almost $5.3 billion, still 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.

Also today, the UN Compensation Commission - the panel that grants compensation for damages arising from the Iraqi invasion of Kuwait - approved compensation awards of $4.8 billion, of which $2.1 billion went to the Kuwaiti government. To date, the panel has granted a total of about $42.6 billion in compensation.