UN reports dip in Iraqi oil exports under humanitarian aid programme

Iraq's petroleum exports declined by over 2 million barrels over the past week, 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 aid.

From the previous week's high of 7.2 million barrels, exports dipped to a total of 5.3 million during the seven-day period ending on 23 August, the Office of the Iraq Programme reported today.

Selling its oil at an average price of €26.50 or $25.85 per barrel, Baghdad earned an estimated €140 million (euros) or $137 million in revenue.

Also over the past week, $106.9 million worth of supplies was released from hold thanks to new procedures for speeding the delivery of humanitarian aid to Iraq. The items include 16 oxygen plants for the production of medical oxygen valued at $58 million. That contract had been on hold for almost a year because of concerns that the equipment might have military applications.