Baghdad: Iraq exported about 100.91 million barrels of crude oil in March, generating $7.4 billion in revenue, the country’s Oil Ministry announced.
The average price for Iraqi crude oil in March was 73.37 dollars per barrel, the Ministry said in a statement on Saturday, citing statistics from the State Organisation for Marketing of Oil, an Iraqi company.
About 98.87 million barrels were exported from oil fields in central and southern Iraq through the port of Basra, while nearly 2 million barrels from the northern province of Kirkuk through the Turkish port of Ceyhan on the Mediterranean, the statement added.
Oil prices have risen in global markets since the outbreak of the Russia-Ukraine war in February last year, benefiting Iraq and some other oil-exporting countries. However, the prices witnessed a decline in the past few months because of fears of lower demand for oil in global markets, Xinhua news agency reported.
Iraq’s economy heavily relies on crude oil exports, which account for more than 90 per cent of the country’s revenues.
–IANS
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