Increasing exports of Iraqi petroleum

The United Nations in Baghdad released a statement announcing that Iraqi petroleum exports have recorded an increase amounts to 1.9 million barrels daily today after it was 1.7 million barrels in mid-1998.

The statement , distributed in Baghdad by John Mills, spokesman of the oil-for-food program, added that Iraqi petroleum exports were sold the price of $9.7 per barrel.

The program allows Iraq to export limited quantities of its petroleum at a value of $5.2 billion every six months to buy basic supplies, but Iraq was not able to achieve this amount due to the reduction of petroleum prices.

The agreement with the United Nations dictates specifying $300 million every six months to buy parts for petroleum establishments aimed at increasing their production.

Moreover Mills said that the group of Iraqi requirements from the spare parts ratified by the sanctions committee amounted to $282.6 million and the committee suspended requests worth $28 million.