Office of the Iraq Programme Oil for Food

15 March 1999

Oil-for-Food Background Information

OIP Weekly Update

The oil overseers report that in the week ending 12 March, Iraq exported 13.7 million barrels of oil with an estimated value of $152 million, bringing the revenue generated so far in Phase V to an estimated $1846 million.

Iraq has so far exported 203.4 million barrels under Phase V at an average export rate of 1.9 million barrels per day (calculated from the beginning of Phase V on 26 November, though exports began on 4 December) and an average price of $9.07 a barrel.

Up to the week ending 12 March 1999, the Security Council's 661 Committee had approved $1.45 billion dollars worth of contracts for humanitarian supplies (excluding oil spare parts) in Phase IV and put 25 contracts worth $57.99 million on hold. For Phase V, the Committee has approved contracts worth $709.1 million and put one contract worth $190,710 on hold.

Last week, the OIP received a further six contracts for the supply of oil industry spare parts and equipment worth $2,198,887. The total received is now 534 with a total value of $282,642,403. The 661 Committee approved five contracts worth $6,524,196, bringing the total approved to 391 worth $236,014,692. There are currently 94 contracts on hold worth $28,635,246.

The 661 Committee has approved one additional contract for the sale of Iraqi oil - for a Russian company buying 7,000,000 barrels of Basrah Light destined for Europe and the United States. So far, 88 contracts have been approved for 322.1 million barrels (171.6m Basrah Light, 150.5m Kirkuk).

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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

Oil-for-Food Background Information		OIP Weekly Update The oil overseers report that in the week ending 12 March, Iraq exported 13.7 million barrels of oil with an estimated value of $152 million, bringing the revenue generated so far in Phase V to an estimated $1846 million. Iraq has so far exported 203.4 million barrels under Phase V at an average export rate of 1.9 million barrels per day (calculated from the beginning of Phase V on 26 November, though exports began on 4 December) and an average price of $9.07 a barrel. Up to the week ending 12 March 1999, the Security Council's 661 Committee had approved $1.45 billion dollars worth of contracts for humanitarian supplies (excluding oil spare parts) in Phase IV and put 25 contracts worth $57.99 million on hold. For Phase V, the Committee has approved contracts worth $709.1 million and put one contract worth $190,710 on hold. Last week, the OIP received a further six contracts for the supply of oil industry spare parts and equipment worth $2,198,887. The total received is now 534 with a total value of $282,642,403. The 661 Committee approved five contracts worth $6,524,196, bringing the total approved to 391 worth $236,014,692. There are currently 94 contracts on hold worth $28,635,246. The 661 Committee has approved one additional contract for the sale of Iraqi oil - for a Russian company buying 7,000,000 barrels of Basrah Light destined for Europe and the United States. So far, 88 contracts have been approved for 322.1 million barrels (171.6m Basrah Light, 150.5m Kirkuk).
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