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30 January 2001  
Oil- for- Food Background Information

 

Update for the period 20 - 26 January 2001

Loadings at the Ceyhan terminal resumed on Sunday, 21 January after a three-week halt.  During the week of 20-26 January, Iraq exported 12.4 million barrels of crude oil through seven loadings, earning an estimated 293 million (euros) in revenue.  Of the seven loadings, two of approximately one million barrels each were at Ceyhan.     

In current phase IX, which began on 6 December 2000, Iraq has exported 40.5 million barrels of oil for an estimated 837 million (euros) in revenue.  The average price for Iraqi crude during the reporting period was approximately $22.35 per barrel.

The United Nations oil overseers and the Security Council's 661 sanctions Committee for Iraq approved nine new contracts for the purchase of Iraqi oil during the week leading to 26 January.  These included 13 million barrels of Kirkuk crude destined for the United States and European markets and 24 million barrels of Basrah Light for the United States, European and Far Eastern markets.

Currently, there are 85 approved oil purchase contracts with a volume of over 210.1 million barrels (comprising more than 128.4 million barrels of Basrah Light and 81.6 million barrels of Kirkuk).  Since the beginning of the "oil for food" programme on 10 December 1996, Iraq has exported 2,247 million barrels of oil, earning an estimated total revenue of over $38.6 billion and 837 million (euros).

In phases IV to VIII, the Committee has now approved over $10.6 billion worth of contracts for humanitarian supplies, while over $3.1 billion worth have been processed by the Office of the Iraq Programme (OIP) under the "fast track" procedures, based on the pre-approved lists of supplies.  The Committee has also approved 2,357 contracts worth over $1.27 billion for the purchase of oil industry spare parts and equipment, and another 85, worth over 55 million have been "fast tracked" by OIP.

The total value of contracts placed on hold by the 661 Committee as at 26 January was $2.85 billion, consisting of $2.4 billion for humanitarian supplies and 436 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