Iraq earns additional 370 million euros under UN's oil-for-food program

Iraq has earned an additional 370 million (Euros) under the United Nations oil-for-food program, according to new statistics released Tuesday by the office overseeing the scheme, which allows Baghdad to export its petroleum and use a portion of the profits for humanitarian relief.

The UN Office of the Iraq Program said that last week Iraq exported 14.9 million barrels of oil, earning on average approximately 24.86 euros per barrel.

During the same period, the UN oil overseers approved eight new contracts for the purchase of a total of 15 million barrels of oil. Currently, there are 157 approved contracts for the lifting of over 476 million barrels of crude.

The total value of contracts placed on hold by the UN Security Council committee monitoring the sanctions against Baghdad increased over the past week to $3.59 billion, covering 1,703 contracts. Last week, there were 1,682 contracts on hold, worth $3.52 billion.