Iraqi oil sales reach $7 billion

Iraqi Oil Minister Amer Muhammad Rashid said on Tuesday that all contracted quantities of oil will be shipped under the current phase of the oil-for-food agreement next week.

The Iraqi minister added that Iraq will realize an income during the sixth phase of the oil-for-food agreement exceeding US $7 billion at a time when it still has to export 390 million barrels of oil during this phase. He called on the OPEC member states to maintain their production reduction so the oil-producing countries will increase their income.

Meanwhile, a spokesman for the UN in Iraq stressed last Friday that the UN does not expect the suspension of Iraqi oil exports at the end of the current phase on November 20.