According to the Office which administers the programme, the Iraqi authorities requested the revision in response to changes on the oil market. The new prices will apply this month to Kirkuk grade Iraqi oil sold to Europe and the United States as well as Basrah Light oil destined for the US market.

In addition, the sanctions committee approved 10 new contracts for the purchase of Iraqi oil destined for the US, European and Far Eastern markets. This brings the total volume of oil approved under different contracts to over 238.1 million barrels.

The Office of the Iraq Programme also reported today that during the week leading up to 2 February, Baghdad earned an estimated €317 million (euros) by exporting 13.2 million barrels under the oil-for-food scheme.

During the same period, the sanctions committee lifted holds from 12 contracts worth $11 million, while 26 new contracts worth $44.8 million were placed on hold. Those released from hold covered supplies such as medical equipment, a packing and weighing system used in the food-handling sector, turbine spare parts and gas turbine parts.

According to the Office of the Iraq Programme, contracts are generally put on hold because they lack technical specifications or because the goods in question have the potential to be used for purposes other than those stated.