Iraq's nationwide oil exports held steady in March, averaging 3.367 million barrels per day (bpd),* while revenues surged due to strong global crude prices.
The increased revenue is a welcome development for the Iraqi government, which has suffered from a dire financial crisis, and which just passed a 2021 budget law that authorizes 129.99 trillion Iraqi dinars ($89.65 billion) in expenditures. To fully fund that spending with oil sales, given the export levels projected in the budget, oil prices would need to stay well above $60 per barrel for the year.
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