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24 April 2001  

Oil-for-Food Background Information


Update for the period

(14 - 20 April 2001)

At just over 2.1 million barrels per day, the Iraqi oil exports totaled 14.9 million barrels in the week 14 to 20 April 2001 under the United Nations oil-for-food programme.  The exports generated an estimated €370 million (euros) in revenue at current prices.  There were a total of nine loadings.  At Mina al-Bakr terminal 8.6 million barrels of oil were lifted through five loadings, while at Ceyhan, 6.3 million barrels were lifted through four loadings.  The average price of Iraqi crude oil during the week was approximately $21.99 or €24.86 (euros) per barrel.

So far in current phase IX, Iraq has sold almost 196 million barrels of oil, raising an estimated €4.2 billion (euros) in revenue.  The total Iraqi oil exports since the beginning of the oil-for-food programme on 10 December 1996 are now over 2.4 billion barrels, for an estimated revenue of some $38.6 billion and €4.2 billion (euros).

With the adoption of Security Council resolution 1330 (2000) on 5 December 2000, in current phase IX, around 72 per cent of the oil revenue funds the humanitarian programme in Iraq, 25 per cent goes to the Compensation Fund, while 2.2 per cent covers the United Nations costs for administering the programme and 0.8 per cent for the administration of the United Nations Monitoring and Inspection Commission (UNMOVIC). Previously, 66 per cent was being allocated to the humanitarian programme, with the Compensation Fund receiving 30 per cent of the funds.

During the week, the United Nations oil overseers approved eight new oil purchase contracts for six million barrels of Basrah Light and nine million barrels of Kirkuk crude.  Currently, there are 157 approved contracts for the lifting of over 476 million barrels of oil, of which 288 million are for Basrah Light and 188 million for Kirkuk.

The total value of contracts placed on hold by the Security Council’s 661 sanctions committee rose yet again, standing at $3.59 billion, covering 1,703 contracts.  Of these, 1,158 contracts worth over $3.15 billion were for humanitarian supplies, while 545 contracts worth $437 million were for oil industry spare parts and equipment.

In phases IV to IX, the Committee has now approved 5,598 contracts worth over $11.7 billion for humanitarian supplies and another 2,430 contracts worth $1.33 billion for the purchase of oil industry spare parts and equipment.  The Office of the Iraq Programme (OIP) has notified the 661 Committee of 1,731 contracts worth more than $4.1 billion for humanitarian supplies that have been processed under the “fast track” procedures based on pre-approved lists, while another 175 contracts worth about $121 million have also been “fast tracked” for oil industry spare parts and equipment.  The “fast track” procedures were put in place by Security Council resolution 1284 (1999) and began to be implemented in March 2000.

As at 19 April 2001, almost $2.5 billion and another €2 billion (euros) in unused 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