• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 1 day America should go after China but it should be done in a wise way.
  • 5 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 5 days Putin and Xi Bet on the Global South
  • 5 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 6 days United States LNG Exports Reach Third Place
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Breaking News:

U.S. Crude Oil, Gasoline Inventories Boom

Precious Metal Investors Face Continued Turbulence

Precious Metal Investors Face Continued Turbulence

Precious metal prices experienced downward…

Price Collapse Halves Iraq’s Oil Revenues

Iraq saw its oil revenues cut nearly in half in March when oil prices collapsed, even though OPEC’s second-largest producer exported more barrels of crude last month than it did in February.

According to data from Iraq’s oil ministry, cited by AFP - Agence France Presse, Iraq’s crude oil sales amounted to 105 million barrels in March. For these barrels, Iraq earned a revenue of US$2.99 billion. To compare, Iraq’s February sales of 98.3 million barrels of crude oil earned OPEC’s producer almost twice that, at US$5.5 billion.

The federal government of Iraq sold its 3.390 million bpd of oil exports at an average price of $32.73 a barrel, Iraq Oil Report quoted the oil ministry as saying.

Iraq’s oil typically trades at around $4 a barrel discount to Brent, so in the past couple of weeks, Iraq’s crude oil was selling for $21 a barrel, Oil Minister Thamer Ghadban told local media, AFP reports.   

Last week, Iraq, one of the oil producers worst hit by the oil price crash, was said to be proposing that all foreign oil firms operating in the country cut their budgets by 30 percent on the condition that crude production levels do not suffer.

Iraq, which relies on oil revenues for 95 percent of its budgetary income, is one of the least diversified economies in the Middle East. 

Iraq was also one of the OPEC members who called for an emergency meeting of the cartel to discuss ways to support oil prices, which crumbled in March to as low as $25 a barrel Brent. 

Iraq may see its wish granted soon after U.S. President Donald Trump intervened in the oil price war between Saudi Arabia and Russia and discussed the oil market with Saudi Crown Prince Mohammed bin Salman and with Russian President Vladimir Putin. 

ADVERTISEMENT

“The Kingdom calls for an urgent meeting for OPEC+ states and another group of countries, with aim of reaching a fair solution to restore a desire balance of the oil markets,” Saudi Arabia said on Thursday, via its official Saudi Press Agency, while President Trump said that he expects and hopes the Saudis and Russia to cut back “approximately 10 Million Barrels, and maybe substantially more.”  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News