Iraq weekly oil exports leap by 500,000 b/d, says UN

Iraq's United Nations-administered oil exports leaped to 2.29 million b/d last week, up from 1.8 million b/d the week before, according to data released Tuesday by the UN Office of the Iraq Program. It said Iraq sold 16 million bbl of oil during the week, earning 356 million euros.


By the OGJ Online Staff

LONDON, Apr. 12 -- Iraq's United Nations-administered oil exports leaped to 2.29 million b/d last week, up from 1.8 million b/d the week before, according to figures released Tuesday by the UN office supervising crude shipments leaving the Middle East state.

The Office of the Iraq Program reported Iraq sold 16 million bbl of oil during the week, earning 356 million euros. Under Iraq's UN sponsored oil-for-food program, the state is permitted to put a portion of its oil revenues toward purchasing "humanitarian relief."

OIP said it cleared seven new oil purchase deals totaling 12 million bbl during the week, bringing the approved volume of oil exports to 451 million bbl.

The total value of contracts placed on hold by the UN Security Council committee monitoring the post-Gulf War sanctions against Iraq now stands at $3.43 billion, of which the UN would direct $2.99 billion for the purchase of medical and other humanitarian supplies and $438 million for spare parts and equipment for use in the oil industry.

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