Iraqi crude exports under UN's oil-for-food programme drop by nearly half

Iraq's crude exports have plunged sharply under the United Nations oil-for-food programme, which allows Baghdad to use a portion of its petroleum revenues to purchase humanitarian relief, according to the UN office running the effort.

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.