Iraq’s: Highest oil export revenues in 50 years

Iraq’s Oil Ministry exported $11.07 billion worth of oil in March, the highest level in 50 years, as crude oil prices soared in the wake of Russia’s invasion of Ukraine.

The ministry said in a statement that it had exported 3.244 million barrels per day, at an average price of more than $110 in March, achieving the highest revenues since 1972.

According to the statement, 99.11 million barrels of crude oil were exported from oil fields in central and southern Iraq, while 1.4 million barrels were exported from the Kirkuk fields through Ceyhan port.

Last month, the ministry announced that it had exported more than 92 million barrels of crude oil in February, with revenues of more than $8 billion.

Iraq relies on oil export revenues for 95 per cent of its general budget.

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