Iraq's oil exports fell last week to 14.7 million barrels, the United Nations said Tuesday October 16, adding that it expected a large shortfall in revenue in the current phase of the oil-for-food program.
In the week ending October 12, there were five loadings each at Iraq's Gulf port of Mina Al-Bakr and the Turkish Mediterranean port of Ceyhan, the only two export outlets authorized under UN sanctions imposed on Iraq in 1990.
The average price of Iraqi oil last week was around $18.15 (19.90 euros) a barrel, and the sales earned an estimated $266 million (292 million euros), the office administering the program said.
The previous week, Iraq exported 18 million barrels of oil, close to its highest level ever. It has sold 195.2 million barrels of crude for an estimated $3.8 billion since July 4, the start of the current phase of the program.
But sales have been erratic and prices have fallen during the phase, the 10th since the program was set up in December 1996 to offset the impact of sanctions on ordinary Iraqis.
In addition, the current phase is due to last only five months instead of the customary six, and total revenue for the phase is forecast at only about $5.54 billion, UN spokesman, Fred Eckhard, said.
After deductions to compensate victims of the 1990 invasion of Kuwait and to cover the program’s administrative costs, that would leave only about $3.2 billion for the humanitarian program, Eckhard said.
He noted that the distribution plan for the purchase of supplies for Phase 10 was budgeted at $5.4 billion, and commented: "There is a significant shortfall there”. — (AFP, United Nations)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)
