UN reports Iraq's oil-for-food exports continue to climb
Iraq's oil exports climbed to 2.49 million b/d last week, earning it about 418 million euros under the United Nations oil-for-food program. The UN office in charge of the humanitarian relief program approved three more oil purchase contracts covering 5 million bbl, bringing the total number approved to 149.
By the OGJ Online Staff
LONDON, Apr. 18 -- Iraq's oil exports climbed 200,000 to 2.49 million b/d last week, earning it about 418 million euros under the United Nations oil-for-food program, the UN office in charge of the humanitarian relief scheme reported Tuesday.
During the same period, the UN oil overseers, working on behalf of the UN Security Council committee that monitors the post-Gulf sanctions on Iraq, cleared another three oil purchase contracts covering 5 million bbl, bringing the total number approved to 149.
As of last Friday, the UN Office of the Iraq Program noted, 1,682 contracts worth $3.52 billion were still on hold. The majority -- 1,138 contracts valued at over $3 billion -- were for humanitarian supplies, while the rest was intended for the purchase of spare parts and equipment for the Iraqi oil industry.
The UN said the figures "showed progress" was being made in channeling revenues into Iraq's housing sector, with the committee having cleared some $1.1 billion in "shelter-related goods."
The oil-for-food program was launched after the UN imposed sanctions on Iraq following the Gulf War in order to ensure some of its oil revenues were spent to help its population or rebuild its oil industry.