UN Security Council Approves $5.25 Billion Oil Sale for Iraq

The United Nations Security Council has authorized Iraq to sell $5.25 billion worth of oil in a fifth six-month phase, beginning on November 26. This decision comes despite Iraq's request to extend the current sales phase by 60 days to reach the target. Iraq has been exporting at a rate of 1.9 million barrels per day, but has only managed to sell $3 billion worth of oil in the fourth phase.

Key Takeaways:

• The UN Security Council has approved a $5.25 billion oil sale for Iraq, with the fifth phase beginning on November 26.
• Iraq has been exporting oil at a rate of 1.9 million barrels per day, but has only managed to sell $3 billion worth of oil in the fourth phase.
• The fifth phase allows Iraq to buy an additional $300 million worth of spare parts to repair its oil infrastructure, but only $102.8 million worth of contracts have been approved so far.
• Iraq has yet to respond to the Security Council, and there is speculation that it will reject the deal temporarily, disrupting oil exports for several weeks.
• The appointment of Saeed Hasan as Iraq's new permanent representative to the UN is pending, with Nizar Hamdoon returning to Baghdad in late December or early January.

Statistics:

• $5.25 billion: the value of oil sales authorized for Iraq in the fifth six-month phase.
• 1.9 million barrels per day: the rate at which Iraq has been exporting oil.
• $3 billion: the amount of oil sold by Iraq in the fourth phase.
• $300 million: the additional amount of spare parts that Iraq can buy to repair its oil infrastructure in the fifth phase.
• $102.8 million: the value of contracts approved in the fifth phase.

Sources:

• "Ukraine, US join UN pressure on Saddam", The Time of Our Lives (TOD), November 24, 1998, p. 3.