Since the programme's current six-month period, known as "Phase VIII," began on 9 June, Iraq has earned an estimated $1.732 billion, the Office reported. Last week, the Security Council's sanctions monitoring panel, known as the "661 Committee," approved 12 new contracts for the sale of Iraqi oil under phase VIII, bringing the total of approved contracts within that phase to 80 with a volume of nearly 344.4 million barrels.

Overall, since the programme began in December 1996, Iraq has exported more than 1.904 billion barrels of oil valued at more than $30.7 billion.

Meanwhile, humanitarian supplies and equipment for the oil industry continued to arrive normally last week through the three land border points and at the Iraqi port of Umm Qasr. Arrivals included 51,140 tonnes of wheat, 13,944 tonnes of rice, 12,643 tonnes of cooking oil and 1,931 tonnes of baby foods, as well as a range of other foodstuffs, medicines and pharmaceutical products.