March oil revenues drop sharply, but exports steady

Despite operational disruptions posed by the coronavirus crisis, Iraq maintained its pace of oil exports — but falling global prices sent monthly government revenue to a four-year low.
Tankers load at the Al-Basra Oil Terminal in the Basra Gulf (BEN LANDO/Iraq Oil Report)

Iraq's oil revenues fell steeply in March to a four-year low, even though countrywide exports held steady at over 3.87 million barrels per day (bpd).

The federal government earned just $2.962 billion, selling its 3.391 million bpd of oil exports at an average price of $28.18, according to the Oil Ministry* — down by $2 billion compared to February's revenue, and less than half of January's.

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