Strong Iraqi exports reported under UNs oilforfood programme

According to the weekly update from the UN Office of the Iraq Programme (OIP), the exports, which averaged 2.4 million barrels per day, generated 404 million euros or $356 million. During the current phase of the programme, which runs through 30 November, Iraqi oil exports have generated $1.1 billion. Under the terms of the plan, Baghdad is allowed to use a portion of its petroleum revenues – 72 per cent – to purchase humanitarian relief.In a related development, OIP reported that the Security Council sanctions committee released from hold 78 contracts worth $265 million, with the total value of contracts currently on hold dropping to some $3.4 billion, from $3.5 billion the week before. “In all, 1,418 contracts are on hold, of which 969 worth over $2.9 billion are for humanitarian supplies and 449 contracts worth $434 million for oil industry spare parts and equipment,” OIP said. read more