Iraq's oil exports drop by more than half over one-week period, UN reports

Iraqi petroleum revenues governed by the United Nations humanitarian oil-for-food programme dropped by more than half over the past week, according to the UN office running the scheme, which allows Baghdad to use a portion of its earnings to purchase relief aid.

From the previous week's high of 19.3 million barrels, Iraq sold only 7.3 million barrels in the week ending 8 November, the Office of the Iraq Programme reported today. Priced at an average of approximately €20.80 (euros) or $20.80 per barrel, Iraqi crude yielded an estimated €154 million or $154 million in revenue.

A cumulative revenue shortfall has left over 1,600 approved humanitarian supply contracts, worth more than $3.1 billion, without available funds. The sectors affected by the funding gap are electricity, agriculture, food handling, health, housing, water and sanitation, education, telecommunications and transportation.