UN: Iraq Exported 60 Million Dollars Worth of Oil Last Week

Published December 19th, 2000 - 02:00 GMT

Iraq exported three million barrels of oil worth 60 million dollars from the Gulf port of Mina al-Bakr last week following resumption of sales under the United Nations "oil-for-food" program, the UN said Tuesday. 

The UN statement said there were no Iraqi shipments from the southern Turkish port of Cehyan and that no vessels were scheduled for loading in the near future. 

The UN said Iraq's total oil exports since the start of the program in December 1996 has been almost 2.210 billion barrels for estimated revenue of more than 38.6 billion dollars. 

The UN's oil overseers accepted a new formula proposed by Iraq for the pricing of its crude through the second half of December, diplomats at the United Nations said Monday. 

The new formula is expected to be approved Tuesday by the UN Sanctions Committee, said the diplomats, speaking on condition of anonymity. 

UN spokesman Fred Eckhard confirmed the Iraqi oil authority had requested on Friday a revision of the pricing formula "in light of recent market changes." 

Iraq on December 13 resumed its oil exports after suspending them for 12 days due to the dispute over the "oil-for-food" program, which allows the sanctions-hit state to export crude in six-month phases to purchase essential goods. 

According to the diplomats, Baghdad had initially asked for a 70-cent reduction in the price per barrel of oil which it exports to Europe, while it wanted the pricing formula for exports to North America and Asia left unchanged. 

The UN's oil overseers has accepted a 50-cent reduction in the price per barrel of oil destined for Europe, and has recommended this formula to the UN Security Council's Sanctions Committee, the diplomatic sources said -- BAGHDAD (AFP)  




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