$158 million in Iraqi oil sold last week under 'oil-for-food' program
Iraq, Economics, 12/29/2001

Over the last week, $158 million of Iraqi oil was sold under the oil-for-food program, which allows Baghdad to use a portion of its petroleum revenue to purchase humanitarian relief, according to the United Nations office running the effort.

The Office of the Iraq Program reported that over the past week, Iraqi crude was sold at market prices of $16.3 per barrel. Since the current phase of the program began earlier this month, Baghdad's total revenue has reached approximately $324 million.

Currently, 72 per cent of Iraq's oil proceeds fund the humanitarian program in the country, with 59 per cent going to the 15 central and southern governorates - where the Government is responsible for the purchase and distribution of supplies - and 13 per cent for the three northern governorates of Dahuk, Sulaymaniyah and Erbil, where the UN implements the program on Baghdad's behalf.

The remainder is used to fund other activities related to the ceasefire resolution which ended the Persian Gulf war. Twenty-five per cent goes to the Compensation Commission in Geneva which pays out damages arising from Iraq's invasion and subsequent occupation of Kuwait, while 2.2 per cent covers UN costs for administering the program and 0.8 per cent for the administration of the UN Monitoring and Inspection Commission (UNMOVIC).

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