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17 April 2001  

Oil-for-Food Background Information


Update for the period

(7 - 13 April 2001)

The volume of Iraqi oil exports under the United Nations oil-for-food programme continued to rise this week.   In the week ending 13 April, 17.4 million barrels of oil were lifted through 12 loadings, at an average of 2.48 million barrels a day.  Of the total loadings, seven were at Mina-al-Bakr and five at Ceyhan terminals.  The week’s oil exports raised an estimated €418 million (euros) in revenue at current prices.  The average price of Iraqi crude oil during the week was approximately $21.45 or €24.05 (euros) per barrel.  

In current phase IX, Iraq has exported 180.8 million barrels of oil, so far, earning over €3.9 billion (euros) in revenue.  Since the beginning of the oil-for-food programme on 10 December 1996, Iraqi oil exports have totaled approximately 2,387 million barrels for an estimated revenue of $38.6 billion and €3.9 billion (euros).

During the week, the United Nations oil overseers, on behalf of the Security Council’s 661 sanctions Committee, approved three more oil purchase contracts, for two million barrels of Kirkuk crude and three million barrels of Basrah Light.  There are now 149 approved contracts for the lifting of over 459 million barrels of oil, 281 million barrels of which are for Basrah Light and 178 million for Kirkuk.

In phases IV to IX, the Committee has now approved 5,570 contracts worth $11.7 billion for humanitarian supplies and another 2,422 contracts worth more than $1.32 billion for the purchase of oil industry spare parts and equipment.  The Office of the Iraq Programme (OIP) has notified the 661 Committee of 1,684 contracts worth over $4 billion for humanitarian supplies which have been processed under the “fast track” procedures based on pre-approved lists, while another 162 contracts worth about $113 million have also been “fast tracked” for oil industry spare parts and equipment.

During this period, there were 1,682 contracts worth $3.52 billion on hold.  Of these, 1,138 contracts worth over $3 billion were for humanitarian supplies, while 544 contracts worth over $437 million were for oil industry spare parts and equipment.

Habitat reported that a cumulative total of goods worth $1.1 billion have been approved by the 661 Committee for the housing sector.  Materials worth $98 million had arrived in Iraq and observation staff conducted 1,048 spot checks on distributed supplies in February 2001.  Response had been strong, with a notable reduction in the price of imported building materials, which were being sold at less than 50 per cent of their cost price.  A review of distribution sites in Baghdad showed that some 54 per cent of end users were located in low or medium low socio-economic areas.

As at 13 April 2001, over $2.53 billion and over €2 billion (euros) in unencumbered funds were available in the United Nations escrow account for the issuance of additional letters of credit for the purchase of humanitarian supplies and oil spare parts and equipment by the Government of Iraq.

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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