ERBIL, Kurdistan Region - Iraq pocketed over 11 billion dollars in oil revenue last month, announced the ministry of oil on Friday, noting that this is the country’s highest oil revenue in 50 years. The ministry released a report about the country’s monthly total of oil export and revenue for the month of March. According to the report, Iraq exported over 100 million barrels of crude oil - an average of over 3.2 million barrels per day. Iraq scored its highest oil revenue since 1972 during March, bringing in a gross amount of $11.07 billion, with an average of 110.090 dollars per barrel. Iraq pocketed 8.54 billion dollars in oil revenue in February, exporting over 92 million barrels of crude oil. The UK and the Iraq Economic Contact Group (IECG) on Monday urged the Iraqi government to use increased revenue from oil exports to combat soaring global food prices, and to enact economic reforms to strengthen the agricultural sector and food security in the country. The Iraqi government is dependent on oil revenues to cover its costs and pay the salaries of civil servants. Despite suffering in much of 2021 due to record low oil prices, the country’s economy is once again booming as oil prices are increasing globally. Global oil prices have been on the rise since the war in Ukraine began on February 24, and the US has also repeatedly urged OPEC members to increase oil production in order to stabilize the market. Iraq is also part of the agreement on production levels.
