Iraq renews oil for food agreement

A high-ranking official in the Iraqi government said on Tuesday that Iraq has formally renewed the oil-for-food agreement with the UN. The same official explained that the State-run oil marketing company, SOMO, is crrently working to reach new contracts for the sixth phase of the agreement.

He expected that these contracts will be ready within days.

He continued that any oil production and increase in the Iraqi oil exports will be impossible without spare parts. He went on that spare parts and equipment at a cost of US $14 million have reached the country, and if such equipment will arrive unceasingly, Iraq will be able to increase its oil daily production by 250,000 barrels before the end of this year.