Iraq: UN reports another drop in crude exports under humanitarian 'oil-for-food' scheme

Iraq: UN reports another drop in crude exports under humanitarian 'oil-for-food' scheme

Iraqi petroleum exports under the United Nations "oil-for-food" programme continued their decline during the last week in August, according to the Office running the scheme, which allows Baghdad to use a portion of its revenues to purchase humanitarian relief.

Iraqi petroleum exports under the United Nations "oil-for-food" programme continued their decline during the last week in August, according to the Office running the scheme, which allows Baghdad to use a portion of its revenues to purchase humanitarian relief.

A total of 4.9 million barrels was exported during the week ending 30 August, earning an estimated revenue of €125 million (euros) or $123 million, the Office of the Iraq Programme reported today. That figure represents a drop from 5.3 million barrels sold the week before, itself a decline from the 7.2 million barrels exported during the previous seven-day period.

Owing to a cumulative revenue shortfall facing the programme, 1,135 approved humanitarian supply contracts, worth about $2.1 billion, cannot be funded.

At the same time, under new procedures aimed at speeding the release of contracts placed on hold by the Security Council committee monitoring the sanctions against Iraq, deals for some $70.3 million worth of supplies were released over the past week. There remain over 1,600 humanitarian supply contracts on hold, worth about $4.2 billion.