Iraq Boosts Crude Oil Exports in March

oil barrels with flag iraq 3d illustration

Iraq’s Oil Ministry reported Monday a significant increase in crude oil exports for March, totaling approximately 106.11 million barrels, marking a substantial rise from February’s 99.59 million barrels. According to preliminary data released by the State Organization for Marketing of Oil, most of the exports originated from the central and southern oilfields, utilizing the port of Basra, which accounted for about 104.68 million barrels.

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.

This uptick in exports underscores Iraq’s heavy reliance on crude oil, which constitutes over 90% of the nation’s revenues. The increase in exports is a vital aspect of Iraq’s economic strategy, as the country works to bolster its financial stability and fuel its ongoing recovery efforts.

The reported figures reflect Iraq’s persistent efforts to enhance its oil export capacity amid ongoing regional challenges and the global economic pressures that impact oil prices and market demand.

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