The Office of the Iraq Programme said that the total Iraqi oil exports now stood at 2,307 million barrels, having earned some $38.6 billion and €2.18 billion (euros) in estimated revenue.

During the week of 3 to 9 March, the Government of Iraq exported an average of 1.5 million barrels of oil per day, totalling 10.2 million barrels. The price of Iraqi crude during the period was approximately $21.42 per barrel. "In the current phase IX, which runs from 6 December 2000 to 3 June 2001, Iraq has so far exported 100.8 million barrels of oil for an estimated revenue of over €2.18 billion (euros)," the Office said.

Meanwhile the UN oil overseers and the Security Council sanctions panel, known as the 661 Committee, approved five new oil purchase contracts last week for 6 million barrels of Kirkuk crude and 4 million barrels of Basrah Light, bringing the total of approved contracts to 121 for the lifting of over 343 million barrels of oil.

The total value of contracts placed on hold by the 661 Committee increased slightly during the week. There were 1,658 contracts worth over $3.35 billion on hold, representing 17.1 per cent of the value of all contracts circulated to the Committee. Of these, 1,104 contracts worth $2.92 billion were for humanitarian supplies, while 554 contracts worth $427 million were for oil industry spare parts and equipment.

During the week, the Committee released from hold 21 contracts worth $21 million and put on hold 37 new contracts worth $50.8 million for various reasons.

The recently released contracts included water well units, water tankers, welding sets, a cement factory plant and five contracts for aluminium hydroxide, which is a raw material used in the production of aluminium sulphate, an important substance in the water purification process. Contracts newly placed on hold included computers, cranes, fire fighting vehicles, water tankers, turbine and compressor blades and a sprinkler irrigation system.