The first oil was exported on 10 December
1996. For the first three six month phases the Security Council set a ceiling
of two billion dollars on oil exports in each Phase. For Phases IV and
V the ceiling was lifted to $5.2 billion but the low price of oil and the
state of Iraq's oil industry put that out of reach. In phase VI, the Security
Council, resolution 1266 (1999), recognized the earlier shortfalls and
permitted Iraq to export an additional $3 billion worth of oil. Phase VI
was extended two weeks by resolution 1275 (1999) and ends on 4 December
1999. Oil exports in phase VI ended on 24 November.
The table shows oil exports since the
beginning of the programme:
Phase I - VI
|
Volume of oil (millions
of barrels)
|
Value of oil exported
($million)
|
Average Price per barrel
($)
|
One
|
120
|
2,150
|
18.0
|
Two
|
127
|
2,125
|
16.7
|
Three
|
182
|
2,085
|
11.5
|
Four
|
308
|
3,027
|
9.80
|
Five
|
360.8
|
3,933
|
10.90
|
Six
|
389.6
|
7457
|
19.14
|
Totals/average
|
1487.4 m barrels
|
$20,777m
|
$13.96
|
The main focus of the programme has been to ensure substantial deliveries of food and health supplies to Iraq. From phase IV onwards, oil industry spare parts and equipment were also given priority to maintain and increase Iraq's ability to export oil with the Security Council authorising Iraq to import up to $300 million dollars worth of equipment with revenue from each phase.
- |
Contracts Received
|
Contracts Approved
|
Contracts on
Hold |
Arrived
| |||
- |
Number
|
$m
|
Number
|
$m
|
Number
|
$m
|
$m
|
Food |
1,485
|
5,465
|
1317
|
5,389
|
13
|
6
|
4,051**
|
Food Handling |
392
|
531
|
235
|
280
|
47
|
118
|
168
|
Health |
1,783
|
1,178
|
1,429
|
985
|
85
|
123
|
746
|
Oil Spares |
1466
|
903
|
812
|
409
|
192
|
526
|
179
|
Electricity |
681
|
1,205
|
427
|
485
|
134
|
401
|
209
|
Water/Sanit. |
299
|
438
|
189
|
225
|
32
|
91
|
80
|
Agriculture |
664
|
630
|
436
|
415
|
63
|
78
|
227
|
Education |
235
|
194
|
101
|
101
|
19
|
10
|
47
|
Infrastructure |
41
|
163
|
1
|
0.177
|
18
|
106
| |
Northern Govs |
2,179
|
625
|
2,033
|
618
|
11
|
0.78
|
268***
|
Total: |
9,225
|
$11,332m
|
6,980
|
$8,908m
|
614
|
$1,460m
|
$5,975m
|
** includes food and health
sector supplies bulk purchased by the Government of Iraq for the three
northern governorates.
*** excludes food and health sector supplies included above.