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 , Iraq exported "100,563,999 barrels for revenues of $11.07 billion, the highest revenue since 1972", the ministry said.
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 international benchmark contract, Brent North Sea crude, flirted with a record high in early March as it soared to almost $140 per barrel, but has retreated since then.Oil revenues are critical for Iraq's government, with the country mired in a financial crisis and needing funds to rebuild infrastructure after decades of devastating war.
Neighbouring Iran currently provides a third of Iraq's gas and electricity needs, but supplies are regularly cut or reduced, aggravating daily load shedding.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NBA Rookie Rankings: Superlative Awards for 2021 Draft ClassHighest ceiling award, most improved, and more awards for this year's rookie class.
Read more »
U.S. added 431,000 jobs in March in sign of economic healthAmerica’s employers extended a streak of robust hiring in March, a sign of the economy’s resilience in the face of a still-destructive pandemic and the highest inflation in 40 years.
Read more »
Global Shipping Less Of CO2e Problem Today Than Aviation, More By End Of CenturyShipping to see 50% of emissions in 2100 as before COVID-19 with low-hanging fruit of electrification, efficiencies and not shipping oil, gas, and coal.
Read more »
Sacco's owners retire after over 50 years serving RoyThe owners of an iconic produce store just off I-15 in Weber County, Utah are announcing their retirement as of Friday.
Read more »
Eurozone Inflation Hits Record High as Ukraine War Drives Up Energy CostsBy Maria Martinez The eurozone's annual rate of inflation rose further in March, beating forecasts and marking the highest print in history. Consumer prices...
Read more »