Iraq’s March oil exports, highest in fifty years

Kirkuk, 2014: The North Oil Company that supervises the five oil fields of Kirkuk province. KirkukNow

By KirkukNow

The exports of crude oil in March have passed 100 million barrels, the highest in the last five decades, generating over 11 billion American Dollars, according to figures of the state-run State Oil Marketing Organization SOMO compared.

Iraq has pumped out 100.5 million barrels, including Kirkuk oil, and each barrel was marketed for USD110 per barrel, the highest production capacity since 1972.

Iraq’s federal crude exports in February has touched 93 million barrels of crude oil, 3.5% raise from earlier month and the revenues exceeded eight billion dollars, excluding Iraqi Kurdistan Region IKR. The average price per barrel of Iraqi crude oil in that month was more than $92.

The five oil fields of Kirkuk have pumped out almost 1.5 million barrels in March via Turkish port of Ceyhan, almost the same compared to February yet the revenues have soared from $135 up to 167 million as one barrek was marketed for USD116.

The production capacity of Iraqi oil fields has soared to 99.3 million barrels in January for 8.27 billion as each barrel of crude oil was marketed for USD83 compared to 98.5 in December 2021 for $7.2 billion.

Federal oil exports reached 3.3 million b/d in February, the ministry data showed, from 3.202 million b/d in January though nearly 11% of Iraq's output is offline due to maintenance and protest, an official from SOMO told S&P Global Commodity Insights. 

There are five major oil producing fields in Kirkuk, Avana, Bai Hassan, Qubbet Baba, Jambour and Khabaza, which are supervised by the Iraqi government's North Oil Company.

Kirkuk hit peak of its 2021 production in February when it has pumped 3,8 million barrels for $213M, the highest production capacity in 2021 while the lowest was in November when it has dropped to two million barrels only with 150 million USD revenues.

Kirkuk, Iraq’s second largest reserves, located 238 kilometers north of Baghdad, is an ethnically mixed province for 1,7 million Kurds, Arabs, and Turkmens. It has long been at the center of disputes between Baghdad and the Erbil.

Iraq’s oil reserves are considered the world's fifth-largest with 140 billion barrels.

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