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Iraqi Oil Exports Continue to Fall Under U.N. Program

Xinhuanet 2002-02-21 06:14:48
   UNITED NATIONS, February 20 (Xinhuanet) -- Iraqi oil exports under
the United Nations oil-for-food program continued to fall over the
past week, according to a U.N. office overseeing the matter.
   During the review period ending February 15, Iraq exported 10.6
million barrels of oil, representing a downturn from 11.5 million
barrels in the previous week and over 13 million barrels the week
before that, the office reported.
   With oil selling at an average price of 20.40 euros or 17.85 U.
S. dollars per barrel, Baghdad received an estimated 217 million
euros or 189 million dollars during the most recent week.
   Meanwhile a record 5.32 billion dollars worth of humanitarian
supplies in contracts have been blocked, mainly by the United
States.
   The figure includes 44 new contracts worth 119.5 million
dollars that were put on hold over the past week, the office said,
taking the "inadequate information" on their end-use in Iraq as
the reason.
   The U.N. oil-for-food program, launched in 1996, allows Iraq to
sell oil and use part of the receipts to buy food, medicine and
other essentials for its 22 million people to offset the impact of
the U.N. embargo imposed on Iraq for its 1990 invasion of Kuwait.
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