Breaking sluggish trend, Baghdad sells over 13 million barrels of oil under UN scheme

Breaking sluggish trend, Baghdad sells over 13 million barrels of oil under UN scheme

Following months of sluggish crude exports under the United Nations humanitarian “oil-for-food” programme for Iraq, Baghdad last week sold 13.3 million barrels, the UN office running the effort announced today.

Following months of sluggish crude exports under the United Nations humanitarian “oil-for-food” programme for Iraq, Baghdad last week sold 13.3 million barrels, the UN office running the effort announced today.

This was the highest single weekly volume of exports registered since the 30 May start of the current phase of the programme, which allows Iraq to use a portion of its petroleum revenues to purchase humanitarian relief.

Selling at an average price of €26.40 (euros) or $25.70 per barrel, the week’s exports netted an estimated €351 million or $344 million in revenue, the Office of the Iraq Programme said.

Despite the increase in Iraqi oil exports during the week, approved contracts for the purchase of humanitarian supplies worth $2.32 billion still lack funds because of the programme’s cumulative revenue shortfall.