Iraqi oil exports hit $11.07 billion in March, a 50-year high

Iraq exported $11.07 billion worth of oil in March, setting a record since 1972, according to preliminary data from the Oil Ministry, as crude prices were driven up by the war in Ukraine.

Second largest exporter in the Organization of the Petroleum Exporting Countries (OPEC), Iraq exported “100,563,999 barrels for sales of $11.07 billion, the highest revenue since 1972 “, just before the first oil shock of 1973, explained the ministry in a press release. These are preliminary data, “but the final figures generally vary little or not at all,” a ministry official told AFP, who requested anonymity.

In February, oil revenues had already reached an eight-year high of 8.5 billion dollars (7.7 billion euros) with daily exports of 3.3 million barrels of oil. In the context of the Russian invasion of Ukraine, energy prices tend to rise, while oil-producing countries limit their supply. On Thursday, the 13 members of OPEC, led by Riyadh, and their ten allies led by Moscow (OPEC+) agreed “to adjust upwards the total monthly production of 432,000 barrels per day for the month of May”.

On Friday, the price per barrel was around 100 dollars. Iraq has huge hydrocarbon reserves and derives 90% of its income from the sale of oil. The price of a barrel and oil revenues are crucial data for the Iraqi government in the preparation of the budget, in a country hit by economic difficulties and which is still waiting for major infrastructure projects following decades of war. The country of 41 million inhabitants is also experiencing a serious energy crisis on a daily basis. It imports almost a third of its gas and electricity consumption from Iran, its neighbor and ally, which regularly cuts or reduces its deliveries, aggravating the already daily load shedding.

Iraq exported $11.07 billion worth of oil in March, setting a record since 1972, according to preliminary data from the Oil Ministry, with crude prices being driven up in particular by the war in Ukraine. Second country Organization of the Petroleum Exporting Countries (OPEC) exporter, Iraq exported “100,563,999 barrels…