Iraq: Oil-for-Food Program, International Sanctions, and Illicit Trade Page: 10 of 21

                                
CR8-V

Table 1. Revenue Generated by Oil-For-Food Program
(through September 6, 2002)

Phase Number              Volume Sold   Value of Export  Average
(each phase is six months)  (millions of barrels)  ($billion)  Price per
Barrel ($)
One                                    120            2.15         17.92
December 10, 1996 - June 7, 1997
($2 billion export ceiling)a
Two                                    127            2.125        16.73
June 8, 1997 - December 4, 1997
Three                                  182            2.085        11.46
December 5, 1997 - May 29, 1998
Four                                   308            3.027         9.83
May 30, 1998 - November 25, 1998
(Export ceiling raised to $5.2 billion by
Resolution 1153)
Five                                  360.8           3.947        10.94
November 26, 1998 - May 24, 1999
Six                                   389.6           7.402        19.00
May 26, 1999 - December 11, 1999
Seven                                 343.4           8.302        24.13
December 12, 1999 - June 8, 2000
(Export ceiling lifted permanently by
Resolution 1284)
Eight                                 375.7           9.564        25.50
June 9, 2000 - December 5, 2000
Nine                                   293            5.638        19.24
December 6, 2000 - July 3, 2001
Ten                                   300.2           5.35         17.82
July 4, 2001 - November 30, 2001
Eleven                                225.9           4.589        20.31
December 1, 2001 - May 29, 2002
Twelve (a/o September 6, 2002)         91.7           2.233        24.35
May 30, 2002 - November 25, 2002
Totals/Averages                      3,117.3         56.412        18.10

Source: U.N. Office of the Iraq Programme.
[http://www.un.org/Depts/oip/latest/basicfigures.html].
a. Applicable U.N. Security Council resolutions allow Iraq to generate revenue, over and above the
ceilings, to pay the costs of transit fees for exporting oil through Turkey, which explains why some
figures might exceed stated ceilings.