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Iraqi petroleum exports dip slightly under UN 'oil-for-food' programme

Iraqi petroleum exports dip slightly under UN 'oil-for-food' programme

Iraqi petroleum exports dipped to 6.3 million barrels over the past week compared with 8 million during the previous seven-day period, according to the United Nations Office running the oil-for-food programme, which allows Baghdad to use a portion of its crude revenues to purchase humanitarian relief.

The Office of the Iraq Programme reported today that exports in the week ending 5 July netted an estimated €152 million (euros) or $150 million in revenue, with each barrel selling for an average price of €24.20 or $23.80.

Despite the earnings, the oil-for-food programme continues to face a severe budget shortfall, with 1,074 approved humanitarian supply contracts, worth about $2.2 billion, lacking in funds.