BAGHDAD: Iraq exported $11.07 billion of oil last month, the highest level for half a century, as crude prices soared amid shortfall fears following Russia’s invasion of Ukraine, the oil ministry said. The second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), Iraq exported “100,563,999 barrels for revenues of $11.07 billion, the highest revenue since 1972”, the ministry said.
The figures published late Friday are preliminary data but final data “generally does not vary” much, a ministry official said, speaking on condition of anonymity. In February, oil revenues reached an eight-year high of $8.5 billion dollars, with daily exports of 3.3 million barrels of oil.
Oil exports account for more than 90% of Iraq’s income.
Crude prices spiked over fears of a major supply shortfall after Moscow invaded Ukraine on February 24. Russia is the world’s second-biggest exporter of oil after Saudi Arabia.
On Thursday, the OPEC group of oil-producing countries and its Russia-led allies agreed on another modest oil output increase, ignoring Western pressure to significantly boost production as the Ukraine conflict has rocked prices.
The 13 members of the Saudi-led OPEC and 10 countries spearheaded by Russia — a group is known as OPEC+ — backed an increase of 432,000 barrels per day in May, marginally higher than in previous months.
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