Iraqi oil exports "proceeding smoothly," UN sanctions body reports

The latest annual report of the Security Council Committee which oversees sanctions against Iraq said the country's exports of petroleum and petroleum products have "proceeded smoothly."

There was also "excellent cooperation" among the oil overseers, UN inspection agents, the state oil marketing organization and national oil purchasers, according to the report, which covers the period from 1 August 1998 to 20 November 1999.

During that period the revenue generated from oil sales came to nearly $13.6 billion, according to the report released today at UN Headquarters in New York.

The Committee continued to implement "simplified procedures" to process applications for foodstuffs and other humanitarian supplies under the oil-for-food programme. However, it expressed concern about the consequences of the 'holds' placed on humanitarian contracts, including spare parts and equipment for the oil industry. The Committee said it would continue to review these cases.