During the period 4 to 10 March Iraq exported 10.7 million barrels of
oil for an estimated revenue of $287.5 million dollars. This brings the total volume
exported in Phase VII to 155.8 million barrels for revenue of around $3.875 billion.
There were no new contracts approved for the export of oil so the approved volume
remains at 271.95 million barrels (163m Basrah Light and 108.95 Kirkuk). There are four
additional contracts pending.
On the humanitarian side, the Security Council’s 661 Committee which administers
the sanctions imposed on Iraq has approved $5.7 billion dollars worth of contracts in
Phases IV to VII and put $1.7 billion on hold for the same period.
Over the past week $44.7 million worth of supplies were released from hold –
mainly a single contract in the electricity sector worth $40 million. In the same period
contracts worth $22.1 million were placed on hold, including two contracts for overhauling
helicopters to be used for agricultural spraying.
In the past two months the value of holds has continued to increase, notably with a
$100 million electricity contract placed on hold in February. However, in the past week
there was, for the first time, a decline in the value of contracts on hold - from $1.76
billion to $1.72 billion.
Humanitarian supplies and equipment for the oil industry continue to arrive normally
through the three land border points and the Iraqi port of Umm Qasr. Arrivals included:
52,000 tonnes of wheat, 1400 tonnes of infant formula, 1750 tonnes of detergents and
13,000 tonnes of sugar plus a range of pharmaceutical products. Other arrivals included
tractor spare parts, dental supplies and classroom furniture.
