Business

Iraq oil exports $11.07 bn in March, highest for 50 years

Baghdad (AFP)-Iraq exported$11.07 billion of canvas last month, the loftiest position for half a century, as crude prices soared amid space fears following Russia’s irruption of Ukraine, the canvas ministry said.

The second-largest patron in the Organization of the Petroleum Exporting Countries (OPEC), Iraq exported” barrels for earnings of$11.07 billion, the loftiest profit since 1972″, the ministry said.
The numbers published late Friday are primary data but final data” generally doesn’t vary” important, a ministry functionary said, speaking on condition of obscurity.
In February, canvas earnings reached an eight-time high of$8.5 billion bones, with diurnal exports of3.3 million barrels of the canvas.
Canvas exports regard for further than 90 percent of Iraq’s income.
Crude prices spiked over fears of a major force space after Moscow raided Ukraine on February 24. Russia is the world’s second-biggest exporter of canvas after Saudi Arabia.
On Thursday, the OPEC group of canvas producing countries and its Russia- led abettors agreed on another modest canvas affair increase, ignoring Western pressure to significantly boost products as the Ukraine conflict has rocked prices.
The 13 members of the Saudi- led OPEC and 10 countries commanded by Russia– a group known as OPEC– backed an increase of barrels per day in May, hardly advanced than in former months.
The United States has prompted OPEC to boost products as high energy prices have contributed to soaring affectation across the world, which has hovered to oppressively ail the recovery from the Covid epidemic.
While OPEC refused to budge, Washington said it would tap its strategic cache by a record quantum in a shot to cool soaring prices.
The transnational standard contract, Brent North Sea crude, flirted with a record high in early March as it soared to nearly$ 140 per barrel, but has retreated since also.
On Friday, the canvas was around$ 100 a barrel.
Canvas earnings are critical for Iraq’s government, with the country mired in a fiscal extremity and demanding finances to rebuild its structure after decades of ruinous war.
Iraq, with a population of some 41 million people, is also scuffling with a major energy extremity and suffers regular power cuts.
Despite its immense canvas and gas reserves, Iraq remains dependent on significance to meet its energy requirements.
Neighboring Iran presently provides a third of Iraq’s gas and electricity requirements, but inventories are regularly cut or reduced, exacerbating diurnal cargo slipping.

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