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)
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
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.
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
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.
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