Iraq’s March oil exports stand at 3.45 million b/d

01 April 2018
The country sold a total of 107.05 million barrels of crude earning $6.41bn

Iraq’s Oil Ministry has announced it has exported 107.05 million barrels in March, or 3.45 million barrels a day (b/d), citing official figures from the state oil marketing company SOMO.

Based on an average oil price of $59.95 a barrel in March, the Oil Ministry said it earned revenues worth $6.41bn from crude exports in the month.

The oil exported was produced from the assets in the country’s central and southern regions, and does not take into account crude output from the oil-rich north that includes Kirkuk and the semi-autonomous Kurdistan region.

Iraq has been holding its exports steady this year, despite not being able to claim the northern oil due to Baghdad’s tensions with Erbil. The country exported 3.42 million b/d in February and 3.49 million b/d the month before.

The Oil Ministry last week also announced launching a new licensing round for 11 oil blocks in the country, as part of its objective to raise oil output to 7 million b/d by 2022.

However, the uptick in oil project activity that Iraq experienced after claiming victory over the Islamic State in Iraq and Syria (Isis) is now fading as efforts to rebuild are being hindered by financial and political problems.

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