Iraqi oil exports bounce back under un oil-for-food program

In the week ending on Friday, Iraq sold 6.4 million barrels of oil, up from 2.6 million barrels the week before. At an average price of approximately 26.35 (euros) or $25.75 per barrel for Iraqi crude oil, last week's exports brought in 170 million (euros) or $165 million.

Despite the surge in the level of oil exports during the week, the UN oil-for-food program still suffers from a cumulative revenue shortfall which stands now at just under $2.21 billion. The deficit has left over 1,200 approved humanitarian supply contracts without funds.