Iraq's Weekly Oil Exports Reach 265 Million Dollars

Iraq has earned an additional 265 million U.S. dollars under the United Nations "Oil- for-Food" program, the office running the effort announced Tuesday.

Iraq garnered the revenue over the past week by exporting 13.9 million barrels of crude for an average price of approximately 22. 77 dollars per barrel, the U.N. Office of the Iraq Program said.

Over the week, U.N. oil overseers approved six new oil purchase contracts covering 17 million barrels of petroleum, bringing to 78 the total number of contracts approved since the current phase of the program began on 4 July.

Meanwhile, the Security Council panel monitoring the sanctions against Baghdad has released from hold 15 contracts worth 77.5 million dollars, according to the office.

However, the panel, known as the 661 committee for the resolution that established it, placed 51 new contracts worth 208.7 million dollars on hold, raising the total value of contracts on hold to 3. 5 billion dollars.

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