The Iraqi oil exports under the United Nations oil-for-food
programme surged to an average of 2.29 million barrels a day in the week
leading to 6 April 2001, from the previous week’s average of 1.8 million
barrels a day. The sale of 16 million barrels of oil generated an estimated
€356
million (euros) in revenue at current prices. Of
the total nine loadings, five were at Mina al-Bakr and four at Ceyhan
terminals. The average price of Iraqi crude oil during the week was
approximately $19.89 or €22.24 (euros) per barrel.
In current phase IX, which runs from 6 December 2000 to 3
June 2001, Iraq has exported 163.4 million barrels of oil, so far, raising an
estimated
€3.5 billion (euros)
in revenue. The total Iraqi oil exports since the beginning of the
oil-for-food programme on 10 December 1996 now stand at almost 2,370 million
barrels, for an estimated revenue of some $38.6 billion and €3.5
billion (euros).
With the adoption of Security Council resolution 1330 (2000)
on 5 December 2000, in current phase IX, around 72 per cent of the oil revenue
funds the humanitarian programme in Iraq, 25 per cent goes to the Compensation
Fund, while 2.2 per cent covers the United Nations costs for administering the
programme and 0.8 per cent for the administration of the United Nations
Monitoring and Inspection Commission (UNMOVIC). Previously, 66 per cent was
being allocated to the humanitarian programme, with the Compensation Fund
receiving 30 per cent of the funds.
During the week, the United Nations oil overseers, on behalf
of the Security Council’s 661 sanctions Committee, approved seven new oil
purchase contracts for seven million barrels of Basrah Light and five million
barrels of Kirkuk crude. There are now 146 approved contracts for the lifting
of over 451 million barrels of oil, 275 million of which
are for Basrah Light and 176 million for Kirkuk.
The total value of contracts placed on hold by the 661
Committee decreased slightly, standing at $3.43 billion, covering 1,676
contracts. Of these, 1,127 contracts worth about $2.99 billion were for
humanitarian supplies, while 549 contracts worth $438 million were for oil
industry spare parts and equipment.
In phases IV to IX, the Committee has now approved 5,535
contracts worth over $11.6 billion for humanitarian supplies and another 2,417
contracts worth $1.32 billion for the purchase of oil industry spare parts and
equipment. The Office of the Iraq Programme (OIP) has notified the 661
Committee of 1,647 contracts worth more than $3.9 billion for humanitarian
supplies which have been processed under the “fast track” procedures based
on pre-approved lists, while another 143 contracts worth over $94 million have
also been “fast tracked” for oil industry spare parts and equipment.
“Fast track” procedures were put in place by Security Council resolution
1284 (1999) and began to be implemented in March 2000.
As at 6 April 2001, over $2.62 billion and €1.84 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.
