4 March 2003
Oil Exports Up – Yield is $370 million for Week
Iraq’s oil exports averaging 1.9 million barrels a day during the
week (22-28 February), the daily average under the Oil-for-Food
Programme for the month closed 4.6 per cent higher than in January.
Exports for the week totaled 13.2 million barrels compared with 11.9
million in the previous week.Total exports for February were 48.50
millions barrels – an average of 1.73 million barrels per day
against January’s 1.66 million.
were eight loadings from the authorized terminals: four from the
Iraqi oil platform at Mina al-Bakr (8.0 million barrels) and four
from the Turkish Mediterranean oil terminal at Ceyhan (5.2 million
barrels). These are the only outlets for Iraqi oil exports allowed
under the Oil-for-Food Programme.
exports for the week (13.2 million barrels) generated estimated revenue
of €345 million (euros) or $370 million, at current prices and
rate of exchange. The average price of Iraqi crude for the reporting
period was approximately €26.65 or $28.70 per barrel.
oil overseers approved five new oil purchase contracts for the week.
The current total of approved contracts is 132, covering 347 million
barrels of oil. Estimated revenue generated from the beginning of
phase Xlll (5 December 2002 – 3 June 2003) at current prices and
at the current rate of exchange, stands at almost $4.0 billion for
143.8 million barrels of oil.
a total 5,876 contracts for humanitarian supplies worth $11.2
billion processed by the United Nations Secretariat under the Goods
Review List (GRL) and new procedures under Security Council
resolution 1409 (2002), the Office of the Iraq Programme has
approved 4,527 contracts worth about $6.9 billion (61.9 per cent in
terms of value) after assessment by the United Nations Monitoring,
Verification and Inspection Commission (UNMOVIC) and the
International Atomic Energy Agency (IAEA) that they do not contain
items on the Goods Review List.
include 1,107 contracts worth almost $2.1 billion that had
previously been on hold by the Security Council’s 661 Sanctions
Committee. These have now been reviewed by UNMOVIC/IAEA under para
18 of the procedures of resolution
the total contracts, 1,095 worth about $3.4 billion (30.6 per cent
in terms of value) are on GRL Non Compliant status. UNMOVIC and IAEA
will require additional technical information from suppliers to
enable final assessments.
far, 288 contracts worth $1.0 billion have been found by UNMOVIC/IAEA
to contain one or more GRL items. Of these, 146 contracts worth
$302.7 million have been reviewed by the Security Council’s 661
Sanctions Committee, of which, 30 contracts worth $15.0 million have
been approved. Forty three worth $50.9 million, have lapsed because
the suppliers have not submitted a petition within 30 working days
of the denial. Twenty eight of the 288 contracts, worth $59.3
million, have been rejected because of a “high risk of diversion
to military use.” An additional 40 contracts worth $172.4 million
have been denied approval by the 661 Committee, pending
containing GRL items represent 9.2 per cent, in terms of value, of
all applications processed by the UN experts so far.
to a cumulative oil revenue shortfall dating from phase VIII (9 June
- 5 December 2000) through phase Xll of the programme, 2,555
UN-approved humanitarian supply contracts worth some $4.9 billion,
currently lack funds. The sectors affected by the revenue shortfall
are: food handling ($795 million); agriculture ($770 million);
housing ($628 million); electricity ($561 million); food ($466
million); telecommunications and transportation ($452 million);
water and sanitation ($414 million); education ($396 million);
health ($374 million).
oil-for-food programme was established by the Security Council on 14
April 1995. Some 3.4 billion
barrels of Iraqi oil valued at almost $64 billion have been exported
under the programme since December 1996. Of this amount, 72 per cent
of the total has been allocated towards humanitarian needs
nationwide since December 2000. The balance goes to: Gulf War
reparations through a Compensation Fund (25 per cent since December
2000); UN administrative and operational costs for the programme
(2.2 per cent) and costs for the weapons inspection programme (0.8
December 1996 about $43 billion worth of humanitarian supplies,
including $3.7 billion worth of oil spare parts, have been approved
by the 661 Sanctions Committee and the Office of the Iraq Programme.
Of this amount, almost $26.7 billion worth of humanitarian supplies
and equipment have been delivered to Iraq under the Oil-for-Food
Programme, including $1.6 billion worth of oil industry spare parts
and equipment. An additional $10.2 billion worth of supplies are
currently in the production and delivery pipeline.