Iraq has exported more than $31 billion dollars worth of crude oil since 1996 under the United Nations "oil for food" program that allows Iraq to sell oil for humanitarian supplies, the world body said here Tuesday.
"Since the inception of the 'oil-for-food' programme on December 10, 1996, Iraq has exported more than 1,937 million barrels with a value of approximately $31.6 billion," it said in a report, adding that more than $2.5 billion of the oil has been sold since June 9, when the latest phase of the program took effect.
The program lets Iraq sell limited amounts of oil under strict UN supervision in exchange for medical supplies and other necessities.
Iraq has been under sanctions since its August 1990 invasion of Kuwait. The Middle East Economic Survey reported Monday that Iraq's oil output and exports for August were set to go up after a two-month slump.
Production should amount for nearly three million barrels a day this month, compared with 2.44 million barrels daily in July, the Cyprus-based specialist newsletter said. Iraq, a member of the Organization of Petroleum Exporting Countries, estimates it would take $30 billion dollars to bring its oil production up to six million barrels a day.
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)
