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Iraq’s oil export revenue hits monthly high since 1972: ministry

Iraq exported more than 100.56 million barrels of crude oil in March, bringing in revenues of 11.07 billion U.S. dollars, the highest monthly revenue since 1972, the Iraqi oil ministry said.

The average selling price for crude oil in the month was 110.09 dollars per barrel, according to a ministry statement, citing statistics from the State Organization for Marketing of Oil.

A total of 99.11 million barrels were exported from oil fields in central and southern Iraq via the Port of Basra, and about 1.44 million barrels from the northern province of Kirkuk via the Turkish port of Ceyhan on the Mediterranean, the statement said.

It added that the average crude oil exports in March reached 3.24 million barrels per day.

Previously, Iraq used to export more than 100 million barrels per month, but the OPEC Plus agreement to cut oil production and a dip in oil prices due to the COVID-19 pandemic led to a decline in the country’s oil exports and revenues during the past months.

Iraq’s economy heavily relies on crude oil exports, which account for more than 90 percent of the country’s revenues.
Source: Xinhua

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