By the OGJ Online Staff
LONDON, June 13 -- Iraq shows no signs of lifting its suspension of oil exports through the United Nations oil-for-aid program, the UN office supervising the scheme said Tuesday.
The suspension was announced by Baghdad on June 4, but loadings already begun on the day continued through June 5, according to the Office of the Iraq Program. The OIP said Iraq exported 7.2 million bbl of oil last week, raising an estimated 205 million euros in revenues.
Meanwhile, UN oil overseers this week gave clearance to an additional oil purchase contract for 2 million bbl destined for the US market, bringing the number of approved contracts to 174 -- equal to more than 351 million bbl of oil.
"As at June 8, approximately $2.23 billion and over 1.97 billion euros in unencumbered funds were available in the UN escrow account for the issuance of additional letters of credit for the purchase of humanitarian supplies and oil spare parts and equipment by the government of Iraq," the OIP said.
Iraq halted oil exports in protest of the UN decision to extend the tenth round of its oil-for-aid program for only 1 month instead of the regular 6 months while revisions to the sanction scheme were carried out.
The oil-for-aid program was begun in late 1996 as part of an initiative that aims to ease the impact of UN sanctions imposed on the country in 1990 following the Gulf War.