Iraqi petroleum exports drop slightly under UN's 'oil-for-food' program
Iraq, Economics, 10/18/2001

The United Nations oil-for-food program on Tuesday reported a slight drop in the level of exports of crude by Iraq under the humanitarian scheme, which allows Baghdad to use a portion of its petroleum revenues to purchase relief goods.

The UN Office of the Iraq Program said that in the week ending October 12, Baghdad sold 14.7 million barrels of oil, earning an average of 19.90 (Euros) or $18.15 per barrel, and generating another 292 million Euros or $266 million in estimated revenue. The previous week, Iraq had sold 18 million barrels for 357 (Euros) million, or $328 million.

The value of contracts placed on hold by the Security Council sanctions committed continued to decline over the past week. By Friday, $3.85 billion worth of contracts was on hold, down from the previous week's total of $3.9 billion. The drop came after the Committee released 11 contracts worth $62.3 million, while placing new holds on 37 new contracts worth $47.3 million.

According to the Office of the Iraq Program, contracts are generally put on hold because they lack technical specifications or because the goods in question have the potential to be used for purposes other than those stated.

Previous Stories:
  Indian traders worried over delay in resuming wheat exports to Iraq   (10/12/2001)
  Egyptian- Iraqi telecommunications   (9/28/2001)
  Jordanian airlines cancels a flight to Baghdad   (9/24/2001)

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