Iraq's Oil Exports Exceed 106 Million Barrels in March 2023, Generating Over $8 Billion in Revenue

Iraq's oil exports surged to 106.11 million barrels in March, generating over $8 billion, despite a slight dip in production. This highlights Iraq's reliance on oil exports and its efforts to enhance its export capacity amidst global challenges.

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Iraq's Oil Exports Exceed 106 Million Barrels in March 2023, Generating Over $8 Billion in Revenue

Iraq's Oil Exports Exceed 106 Million Barrels in March 2023, Generating Over $8 Billion in Revenue

The Iraqi Ministry of Oil reported that Iraq exported 106.11 million barrels of crude oil in March 2023, generating revenues exceeding $8 billion. This marks a significant increase from the 99.59 million barrels exported in February. The majority of the exports, around 104.68 million barrels, originated from the central and southern oilfields and were exported through the port of Basra. The northern province of Nineveh also contributed, with the Qayyara oilfield exporting 967,492 barrels. Additionally, Iraq continued its trade with neighboring Jordan, sending 464,453 barrels in March.

Despite the impressive export figures, Iraq's oil production in March was 4.17 million barrels per day, 30,000 barrels per day less than the output in February. However, this was still about 170,000 barrels more than the level it committed to as an OPEC+ member. The Iraqi Minister of Oil stated that the country would reduce production and exports after surpassing its production quota in January and February.

Why this matters: Iraq's economy heavily relies on crude oil exports, which account for more than 90% of the country's revenues. The increase in exports is a vital aspect of Iraq's economic strategy to bolster its financial stability and fuel its ongoing recovery efforts.

Iraq's average daily oil exports in March reached 3.34 million barrels, with an average price per barrel of $77.53. The reported figures reflect Iraq's persistent efforts to enhance its oil export capacity amid ongoing regional challenges and global economic pressures that impact oil prices and market demand. As an OPEC+ member, Iraq plays a significant role in the global oil market, and its commitment to adhering to production quotas is crucial for maintaining stability.

Key Takeaways

  • Iraq exported 106.11 million barrels of crude oil in March 2023, generating $8 billion.
  • Iraq's oil production in March was 4.17 million barrels per day, 30,000 less than February.
  • Iraq's economy heavily relies on crude oil exports, accounting for over 90% of revenues.
  • Iraq's average daily oil exports in March reached 3.34 million barrels at $77.53 per barrel.
  • As an OPEC+ member, Iraq's commitment to production quotas is crucial for market stability.