Iraq says March oil exports stand at $11bn, highest in 50 years

Iraq’s oil ministry says nation exported greater than 100 million barrels for revenues of $11.07bn, the best since 1972.

Iraq, with a inhabitants of some 41 million, can also be grappling with a serious vitality disaster and suffers common energy cuts [File: Essam Al-Sudani/Reuters]

Iraq’s oil ministry says it exported $11.07bn of oil in March, the best degree in 50 years, as crude oil costs soared within the wake of Russia’s invasion of Ukraine.

The report oil export, which accounts for greater than 90 p.c of Iraq’s earnings, is an enormous increase to the state coffers.

The second-largest producer within the Group of the Petroleum Exporting International locations (OPEC), Iraq exported “100,563,999 barrels for revenues of $11.07bn, the best income since 1972”, the ministry mentioned.

The figures printed late on Friday are preliminary information however remaining information “typically doesn't fluctuate” a lot, a ministry official mentioned, talking on situation of anonymity.

In February, oil revenues reached an eight-year excessive of $8.5bn dollars, with each day exports of three.3 million barrels of oil.

Oil revenues are essential for Iraq’s authorities, with the nation mired in a monetary disaster and needing funds to rebuild infrastructure after many years of devastating conflict.

Iraq, with a inhabitants of some 41 million individuals, can also be grappling with a serious vitality disaster and suffers common energy cuts.

Regardless of its immense oil and gasoline reserves, Iraq stays depending on imports to satisfy its vitality wants.

Neighbouring Iran presently supplies a 3rd of Iraq’s gasoline and electrical energy wants, however provides are often reduce or lowered, aggravating each day load shedding.

Crude costs spiked over fears of a serious provide shortfall after Moscow invaded Ukraine on February 24. Russia is the world’s second-biggest exporter of oil after Saudi Arabia.

On Thursday, the OPEC group of oil-producing international locations and its Russia-led allies agreed on one other modest oil output enhance, ignoring Western strain to considerably increase manufacturing because the Ukraine battle has rocked costs.

The 13 members of the Saudi-led OPEC and 10 international locations spearheaded by Russia – a gaggle referred to as OPEC+ – backed a rise of 432,000 barrels per day in Could, marginally larger than in earlier months.

The USA has urged OPEC+ to spice up manufacturing as excessive vitality costs have contributed to hovering inflation the world over, which has threatened to severely derail the restoration from the COVID pandemic.

Whereas OPEC refused to budge, Washington mentioned it could faucet its strategic stockpile by a report quantity in a bid to chill hovering costs.

The worldwide benchmark contract, Brent North Sea crude, flirted with a report excessive in early March because it soared to virtually $140 per barrel, however has retreated since then.

On Friday, oil was about $100 a barrel.