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1 May 2001  

Oil-for-Food Background Information


Update for the period

(21 - 27 April 2001)

There were 11 loadings of Iraqi crude oil in the week 21 to 27 April 2001 under the United Nations oil-for-food programme, at an overage of 2.08 million barrels a day.  Of the total of 14.6 million barrels of oil exported during this period, 8.5 million barrels were lifted at Mina al-Bakr terminal through six loadings and 6.1 million barrels at Ceyhan terminal through five loadings.  The exports raised an estimated €354 million (euros) in revenue at current prices.  The average price of Iraqi crude oil during the week was approximately $21.78 or €24.22 (euros) per barrel.

Iraqi oil exports in current phase IX, that ends on 3 June 2001, so far total 210 million barrels, having generated an estimated €4.6 billion (euros) in revenue.  The foreseen revenue for phase IX is about €6.4 billion (euros) or $5.8 billion, calculated at 290 million barrels of oil exports at current prices.

Since the start of the programme on 10 December 1996 Iraq has sold 2,416 million barrels of oil for an estimated revenue of some $38.6 billion and €4.6 billion (euros).

During the week, the United Nations oil overseers approved one new oil purchase contract for one million barrels of Kirkuk crude.  Currently, there are 158 approved contracts for the lifting of over 483 million barrels of oil, of which 291 million are for Basrah Light and 192 million for Kirkuk.

In phases IV to IX that are still active, a total of 7,453 contracts worth over $16.2 billion have been approved for the purchase of humanitarian supplies.  Of these, some 5,653 contracts worth $11.8 billion were approved by the Security Council’s 661 sanctions committee, while another 1,800 contracts worth $4.4 billion were processed by the Office of the Iraq Programme (OIP) under “fast-track” procedures based on pre-approved lists of supplies.  In addition, the Committee has approved 2,437 contracts worth over $1.33 billion for the purchase of oil industry spare parts and equipment, with OIP having “fast-tracked” another 190 contracts worth $126 million in the same category.

At the end of the week, 1,710 contracts worth $3.6 billion were on hold by the 661Committee, comprising 1,161 contracts worth $3.16 billion for humanitarian supplies and 549 contracts worth $442 million for oil industry spare parts and equipment.  The total value of contracts on hold represents 17.4 per cent of the value of all contracts circulated to the Committee.

During the week, the Committee released from hold 41 contracts worth $125 million and placed on hold 38 new contracts worth $140.6 million.  Recently released contracts include various types of trucks, truck mixers, bulldozers, water, chlorine boosting and grain pumps, while the new “holds” include gas turbines, laboratory, medical and hospital rehabilitation equipments, cranes, a water treatment plant. 

As at 27 April 2001, over $2.3 billion and another €2.2 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