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9 January 2001  
Oil- for- Food Background Information


Update for the period
30 December 2000 - 5 January 2001

Iraqi oil exports under the United Nations oil-for-food programme continued to be slow during the week of 30 December 2000 to 5 January 2001.  There was a single loading at Mina al-Bakr terminal with a volume of 1.8 million barrels of oil for an estimated value of $32 million.  There were no oil loadings at Ceyhan terminal.  The average price of Iraqi oil exported during this period was $19.6 per barrel.  In the current phase IX, which began on 6 December and ends on 3 June 2001, Iraq has exported 17.7 million barrels, earning an estimated $333 million in revenue.

The United Nations oil overseers and the Security Council’s 661 sanctions committee for Iraq during this period approved four new contracts for the purchase of Iraqi oil, consisting of six million barrels of Basrah Light destined for the United States or Far Eastern markets and another six million barrels of Kirkuk crude for the European or United States markets.

Currently, there are 65 approved oil purchase contracts with a volume of 118.6 million barrels of oil awaiting completion, comprising almost 69 million barrels of Basrah Light and 49.6 million barrels of Kirkuk.

Since the start of the programme on 10 December 1996 Iraq has exported a total of over 2,224 million barrels of oil for an estimated revenue of more than $38.9 billion.

During the week of 30 December 2000 to 5 January 2001, the Committee approved 36 contracts for humanitarian supplies and six contracts for the purchase of oil spare parts and equipment.  Another eight humanitarian supply and one oil spare parts contracts were processed by the Office of the Iraq Programme (OIP) under “fast track” procedures, based on pre-approved lists of various types of supplies.

In phases IV to VIII, the Committee has now approved almost $9.9 billion worth of contracts for humanitarian supplies, while an additional $3 billion worth have been “fast tracked” by OIP.  The Committee has also approved 2,344 contracts worth $1.27 billion for the purchase of oil industry spare parts and equipment.  An additional 80 contracts, in this category, worth about $55 million have been approved under "fast track" procedures by OIP.

As at 5 January, the total value of contracts placed on hold by the 661 Committee stood at over $2.9 billion, representing $2.6 billion for humanitarian supplies and $349 million for oil industry spare parts and equipment 

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Produced for media and public information – not an official United Nations Document
For further information please contact Hasmik Egian, OIP - NY, 1.212.963.4341