Iraq March oil exports highest since 1980: ministry

Iraq’s crude exports in March reached 2.317 million barrels per day, their highest level in more than three decades and should continue to rise, oil ministry spokesman Assem Jihad said on Sunday.

“The amount of oil exported in March increased to a level that Iraq has not reached since 1980,” he said in a statement.

Jihad said that Iraq exported a total of 71.827 million barrels of oil last month, equating to an average daily rate of 2.317 million bpd and generating $8.475 billion in revenues.

Average oil prices for the month were $118 per barrel, the statement said.

Iraq has vast untapped crude reserves and depends on oil sales for the majority of government income.

Officials in Baghdad have said the country could have the ability to produce up to 12 million bpd by 2017, though the IMF has said this target is too ambitious.

Source: AFP