Iraqi crude exports fall in March
Export volumes declined in March, but Iraq also revised its official February figure sharply upward as OPEC-plus shifts is quota strategy.
EDITOR’S NOTE: Three weeks after the publication of this story, the Oil Ministry released final, official data on March exports that were significantly different from the initial data. The final figures show an overall March export average of 3.441 million bpd, including 3.379 million bpd from Basra’s main export outlets, 52,000 bpd from Qayarah, and 10,000 bpd by truck to Jordan. For the first time in over a year, the ministry also published a monthly revenue figure, of $7.717 billion. The story below appears as it was initially published, based on the Oil Ministry’s preliminary figures as well as Iraq Oil Report estimates of oil revenues. Our upcoming story on April exports will include up-to-date data for March and analysis of the Oil Ministry’s recent revisions.
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Iraqi oil exports fell in March, averaging 3.296 million barrels per day (bpd), down from 3.398 million bpd in February, according to Oil Ministry data.
Monthly oil revenues increased to about $7.19 billion, up from $6.70 billion, according to an Iraq Oil Report estimate.* Global oil prices were lower in March than February, but Iraq's estimated revenue still grew — both because the government's oil marketing company (SOMO) set more aggressive prices compared to global benchmarks and because there were three more days in the month.
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