Iraqi crude exports under UN's oil-for-food programme drop by nearly half
The Office of the Iraq Programme reported today that only 4.4 million barrels were sold in the week ending 9 August, down from 8.4 million during the previous seven-day period.
With an average price of approximately €24 (euros) or $23.35 per barrel, last week's exports generated an estimated €104 million, or $101 million, in revenue.
Lowered exports are exacerbating the budget shortfall faced by the oil-for-food programme. Currently, over 1,000 humanitarian supply contracts, worth about $2.4 billion, while approved by the UN, are lacking in available funds, the Office of the Iraq Programme said.