Iraq’s oil ministry has reported record oil income for the the month of March.
Because of rising oil prices combined with a third consecutive month of exports in excess of two million barrels per day (bpd), Iraq exported a total of 66.9 million barrels of oil last month, generating $7.167 billion in income at an average price of $107.13 a barrel.
The monthly revenues were the highest for Iraq since 2003, easily topping the previous high of $6.082 billion set in January.
The country’s budget, approved in February, is based on oil prices of $76.50 per barrel and average exports of 2.2 million bpd.
(Sources: SOMO, AFP)