Under the United Nations oil-for-food programme Iraq
exported an average of 1.8 million barrels of oil a day, totaling 12.7 million
barrels in the week 24 to 30 March 2001. There were eight loadings, five of
which took place at Ceyhan and three at Mina al-Bakr terminals. The revenue
raised from the week’s total oil exports was an estimated
€284
million (euros) at current prices. The average
price of Iraqi crude oil during the week was approximately $19.86 or €22.35
(euros) per barrel.
In current phase IX, which runs from 6 December 2000 to 3
June 2001, Iraq has exported 147.4 million barrels of oil, so far, earning an
estimated
€3.1 billion (euros)
in revenue. Since the beginning of the oil-for-food programme on 10 December
1996, Iraqi oil exports have totaled 2,354 million barrels for an estimated
revenue of some $38.6 billion and €3.1 billion
(euros).
The United Nations oil monitors in Iraq have begun issuing
notification forms to the masters of vessels loading Iraqi oil for their
signature. The notification form clearly indicates the authorized destination
of the purchased oil. It is intended to prevent the diversion and
trans-shipment of Iraqi crude oil to a destination other than that authorized
in an approved contract.
During the week, the United Nations oil overseers, on behalf
of the Security Council’s 661 sanctions Committee, approved six more oil
purchase contracts, for 10 million barrels of Basrah Light and four million
barrels of Kirkuk crude. There are now 139 approved contracts for the lifting
of over 415 million barrels of oil, 255 million of which
are for Basrah Light and 160 million for Kirkuk.
Once again, the total value of contracts placed on hold by
the 661 Committee increased, standing at almost $3.44 billion, covering 1,685
contracts. Of these, 1,133 contracts worth about $3 billion were for
humanitarian supplies, while 552 contracts worth $437 million were for oil
industry spare parts and equipment. The Committee members often cite the lack
of technical specifications and potential dual use as reasons for placing a
contract on hold.
In phases IV to IX, the Committee has now approved 5,500
contracts worth over $11.5 billion for humanitarian supplies and another 2,412
contracts worth more than $1.3 billion for the purchase of oil industry spare
parts and equipment. The Office of the Iraq Programme (OIP) has notified the
661 Committee of 1,592 contracts worth about $3.7 billion for humanitarian
supplies which have been processed under the “fast track” procedures based
on pre-approved lists, while another 131 contracts worth over $86 million have
also been “fast tracked” for oil industry spare parts and equipment.
As at 30 March 2001, over $2.76 billion and €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.
