Iraq Earns $7.4 Billion in March From Crude Oil Exports

The Iraqi Oil Ministry announced Saturday that Iraq exported 100.91 million barrels of crude oil in March, generating $7.4 billion in revenue. The average price for Iraqi crude oil in March was $73.37 per barrel, according to statistics from the State Organization for Marketing of Oil.

The majority of the exports, approximately 98.87 million barrels, were from central and southern Iraq’s oil fields via the port of Basra, while nearly 2 million barrels were exported from the northern province of Kirkuk via the Turkish port of Ceyhan on the Mediterranean.

Iraq’s economy is heavily reliant on crude oil exports, which account for over 90% of the country’s revenue. The country has been benefiting from rising oil prices since the outbreak of the Russo-Ukrainian War in February last year. However, prices have decreased in recent months due to fears of lower global oil demand.

The Iraqi government has been working on reducing its dependence on oil by diversifying its economy, but the process is expected to take years.