Averaging
a rate of 2.27 million barrels per day, Iraqi oil exports under the United
Nations oil-for-food programme reached 15.9 million barrels in the week 14 –
20 July.
The week’s exports accrued an estimated revenue of
€342 million (euros) or $300 million at current prices and rate of
exchange.
There were a total of 10 loadings, five each at the two authorized
terminals of Mina al-Bakr, with 8.6 million barrels of oil and Ceyhan, with
7.3 million barrels.
The average price of Iraqi crude oil during the week was approximately
€23.65 or $20.45 per barrel.
In
the course of the week, the United Nations oil overseers approved seven new
oil purchase contracts for 18 million barrels of Basrah Light and 10 million
barrels of Kirkuk crude. In
current phase X of the programme, which runs from 4 July to 30 November 2001,
there are 59 approved oil contracts, amounting to 199
million barrels of oil, 130 million of which are for Basrah Light and 69
million for Kirkuk. So
far, Iraq has exported 22.7 million barrels of oil for an estimated €485
million or $426 million in revenue at current prices and rate of exchange.
Since
the beginning of the programme on 10 December 1996, Iraqi oil exports of over
2.5 billion barrels have generated an estimated revenue of some $38.6 billion
and €7.2 billion (or $6 billion at current prices and rate of exchange).
With the adoption of Security
Council resolution 1330 (2000) on 5 December 2000, 72 per cent of the oil
revenue funds the humanitarian programme in Iraq, 59 per cent of which is for
the 15 central and southern governorates and 13 per cent for the three
northern governorates of Iraq.
As at 20 July 2001, more than
$13.5 billion worth of humanitarian supplies and $793 million worth of oil
industry spare parts and equipment had been delivered to Iraq since the start
of the programme. Another $10.6
billion worth of supplies, including $1.1 billion worth of oil spare parts and
equipment, were in the production and delivery pipeline.
The Security Council’s 661 sanctions committee has
approved 11,830 contracts worth $18.6 billion for humanitarian supplies for
Iraq since the beginning of the programme, while the Office of the Iraq
Programme (OIP) has processed another 2,474 contracts under “fast-track”
procedures worth $6.2 billion, based on pre-approved lists of supplies.
In addition, the Committee has approved 2,684 contracts worth $1.5
billion for the purchase of oil industry spare parts and equipment, with OIP
having “fast-tracked” another 404 contracts worth $381 million in this
category of goods. “Fast-tracking”
began in March 2000.
The
value of contracts placed on hold by the 661 Committee rose slightly to $3.47
billion. During the week the
Committee released from hold 11 contracts worth $22 million, while placing on
hold 42 new contracts valued at $78.4 million.
In all, 1,433 contracts are currently on hold, 984 of which worth just
over $3 billion are for humanitarian supplies and 449 contracts worth $443
million for oil industry spare parts and equipment.
As at 19 July, $2
billion and €1.4 billion 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.
