Iraqi oil exports bounce back under UN oil-for-food programme

Iraqi oil exports bounce back under UN oil-for-food programme

Iraqi petroleum exports last week increased nearly threefold over the previous seven-day period, 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.

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.