Despite slight rise, Iraqi exports under UN oil-for-food programme still below average

Despite slight rise, Iraqi exports under UN oil-for-food programme still below average

Despite a slight increase in Iraqi petroleum exports, last week's level was still well below average rates, the United Nations office overseeing the humanitarian oil-for-food programme said today.

According to the weekly update by the UN Office of the Iraq Programme (OIP), Iraqi oil shipments rose to 7.2 million barrels in the week ending 16 August, up from 4.4 million barrels the previous week.

Those exports netted approximately €186 million (or $181 million) in revenue, a portion of which goes towards the purchase of humanitarian relief supplies.

A cumulative revenue shortfall since Phase VIII of the programme has left 1,116 approved humanitarian supply contracts, worth about $2.26 billion, without available funds, the OIP said.