Iraqi oil exports bounce back under UN oil-for-food programme
In the week ending on Friday, Iraq sold 6.4 million barrels of oil, up from 2.6 million barrels the week before. At an average price of approximately €26.35 (euros) or $25.75 per barrel for Iraqi crude oil, last week's exports brought in €170 million (euros) or $165 million.
Despite the surge in the level of oil exports during the week, the programme still suffers from a cumulative revenue shortfall which stands now at just under $2.21 billion. The deficit has left over 1,200 approved humanitarian supply contracts without funds.