Iraq exported more than 106 million barrels of oil last March

Shafaq News/ The Iraqi Ministry of Oil announced that Iraq exported more than 106 million barrels of oil last March.

According to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), the Ministry stated, "The amount of crude oil exports amounted to 106,112,038 barrels."

The statistics indicated that "the total exported quantities of crude oil for March from the oil fields in central and southern Iraq amounted to 104,680,093 barrels, while exports from Qayyarah were 967,482 barrels."

As for sales to Jordan, they amounted to 464,453 barrels.

Iraq stands as a significant player in the global oil industry, ranking as OPEC's second-largest producer and the Middle East's second-largest oil exporter, trailing only Saudi Arabia.

Its primary export destinations for Crude Petroleum include India, China, and the United States. Moreover, Iraq boasts the fifth-largest oil reserves globally, a substantial resource that shapes its economic landscape.

The country heavily relies on oil revenues, accounting for about 95% of its budget, to sustain government operations. This dependence is particularly critical amid a severe financial crisis and the urgent need for infrastructure reconstruction after decades of conflict. However, despite its abundant oil and gas resources, Iraq faces substantial challenges, such as an energy crisis characterized by frequent power outages.

The country heavily relies on Iran to meet its energy demands, supplying approximately one-third of Iraq's gas and electricity needs. Yet, disruptions and reductions in Iranian supplies exacerbate daily load-shedding issues within Iraq, adding to the complexities of its energy sector.

In March 2024, Iraq signed agreements with international companies to proceed with 30 energy projects worth $50 billion. In April 2024, Iraq announced plans to increase its oil exports by 10% in 2024.