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Iraq records best oil revenues in half a century

Iraq oil

Baghdad, (Business News Report)|| Iraq has recorded the best oil revenues since 1972, amounting to $11.07 billion.

The Iraqi Oil Ministry said that oil revenues are the highest in 50 years (half a century) due to the significant rise in oil prices.

The ministry stated that crude oil exports last March amounted to 100 million and 563 thousand and 999 barrels, with revenues of $11.07 billion.

According to preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO), this is the highest financial oil revenues achieved since 1972.

The statistic indicated that “the total quantities of crude oil exported for the month of March from the oil fields in central and southern Iraq amounted to 99 million and 115 thousand and 64 barrels. From the Kirkuk fields through Ceyhan port, the exported quantities amounted to one million and 448 thousand and 935 barrels.

SOMO pointed out that the average daily quantities amounted to 3 million and 244 thousand barrels per day, and the average price per barrel amounted to more than $110,090.

Last February, Iraq recorded the highest rate of oil exports and revenues in 8 years, amounting to $8.5 billion, with an export rate of about 3.314 million barrels per day. Iraq, which is the second largest oil exporter in the Organization of the Petroleum Exporting Countries, is 90% dependent on oil revenues.

However, the country of 40 million people suffers from severe shortages of power, dilapidated infrastructure and frequent power cuts.

The fact that Iraq remains without a financial budget, despite the expiry of the first quarter of this year, raises many questions and concerns. The outgoing government of Mustafa Al-Kazemi is unable to pass the budget, and waiting for the formation of a new government may be prolonged amid ongoing disputes between the parties that led to the disruption of Parliament’s election for a new president of the republic.

Funding for vital projects has been suspended, and work was supposed to resume amid the abundance of oil revenues, which reached record rates of more than $8.5 billion per month.

A member of the Iraqi parliament, Jamal Couger, said that the failure to pass the 2022 federal budget law has frozen the majority of projects in the country until further notice, a matter that may extend to the middle of the year if the government is not formed.

He added that the implementation of the financial budget law, unfortunately, comes at the bottom of the priorities of the political blocs, because of their failure to observe the constitutional dates that require the government to ratify the budget and send it to Parliament before the middle of October of each year.

For nearly 19 years, the constitutional deadlines related to the budget law were not implemented, which caused the disruption of many projects and the suspension of employee promotions and bonuses, he said.

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