Iraq continues to suspend oil exports used to fund UN relief programme

The suspension was announced on 4 June, but loadings that had been initiated before then continued through 5 June. According to the Office of the Iraq Programme, during the week ending 8 June, Baghdad exported 7.2 million barrels of oil, raising an estimated €205 million in revenue. United Nations oil overseers, meanwhile, have approved an additional oil purchase contract for 2 million barrels destined for the United States market. There are now 174 approved contracts covering the lifting of over 351 million barrels of oil. “As at 8 June 2001, approximately $2.23 billion and over €1.97 billion in unencumbered 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,” the Office said.