Iraq Exports Over 106 Million Barrels of Crude Oil in March 2023

The Iraqi Ministry of Oil reported that Iraq exported a total of 106.11 million barrels of crude oil in March 2023. The vast majority of this oil, 104.68 million barrels, was exported from oil fields in central and southern Iraq via the port of Basra. An additional 967,492 barrels were exported from the Qayyara oilfield in the northern province of Nineveh, while 464,453 barrels were sent to neighboring Jordan.

These export figures represent an increase compared to the previous month. In February 2023, Iraq exported about 99.59 million barrels of crude oil, nearly 6.5 million barrels less than the March total.

Why this matters: Iraq's economy is heavily dependent on crude oil exports, which account for more than 90 percent of the country's revenues. The increase in exports in March 2023 compared to the previous month bodes well for Iraq's economic outlook and its ability to generate vital income from its vast oil reserves.

The Iraqi Ministry of Oil regularly reports on the country's oil exports, providing transparency on this critical sector of Iraq's economy. The March 2023 figures demonstrate Iraq's continuing ability to produce and export significant quantities of crude oil to international markets, despite challenges posed by aging infrastructure and security concerns in some oil-producing regions.

Key Takeaways

• Iraq exported 106.11 million barrels of crude oil in March 2023.
• Majority (104.68 million barrels) exported from central/southern Iraq via Basra port.
• March exports increased by 6.5 million barrels compared to February 2023.
• Oil exports account for over 90% of Iraq's revenues, crucial for economy.
• Iraq maintains oil production and export capacity despite infrastructure, security challenges.