Iraq Oil Exports Hit New Record

Iraq's crude oil exports rose to 2.317 million bpd in March, up from 2.014 million bpd in February, thanks largely to he new offshore single-point mooring terminal, the State Oil Marketing Organization (SOMO) said on Sunday.

According to Reuters, this was the highest level of exports since 2003, while Bloomberg quotes Oil Ministry spokesman Asim Jihad as saying it was the highest since 1980, a year after Saddam Hussein came to power.

The 71.827 million barrels exported generated $8.475 billion in revenue, at an average price of $118 a barrel. 59.427 million barrels, or 1.917 million bpd, were sent by sea and 12.42 million barrels, or 400,000 bpd, went from the northern oil hub of Kirkuk through a pipeline to Turkey.

The increased exports came even as the Kurdistan Regional Government (KRG) reduced quantities, sabotage attacks targeted the northern export pipeline, and bad weather slowed tanker shipments in the south.

“We expect export levels to increase further this month,” SOMO boss Falah al-Amri told Bloomberg.

(Sources: Reuters, Bloomberg)

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