BAGHDAD — 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.
اضافة اعلان
The second-largest producer in the
Organization of the Petroleum Exporting Countries (OPEC), Iraq exported
"100,563,999 barrels for revenues of $11.07 billion, the highest revenue
since 1972", the ministry said.
The figures published late Friday are
preliminary data but final data "generally does not vary" much, a
ministry official said, speaking on condition of anonymity.
In February, oil revenues reached an
eight-year high of $8.5 billion dollars, with daily exports of 3.3 million
barrels of oil.
Oil exports account for more than 90 percent
of Iraq's income.
Crude prices spiked over fears of a major
supply shortfall after Moscow invaded Ukraine on February 24. Russia is the
world's second-biggest exporter of oil after Saudi Arabia.
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 13 members of the Saudi-led OPEC and 10
countries spearheaded by Russia — a group known as OPEC+ — backed an increase
of 432,000 barrels per day in May, marginally higher than in previous months.
'Two-edged sword'
The US has urged OPEC+ to boost production
as high-energy prices have contributed to soaring inflation across the world,
which has threatened to severely derail the recovery from the
COVID-19 pandemic.
While OPEC refused to budge, Washington said
it would tap its strategic stockpile by a record amount in a bid to cool
soaring 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.
On Friday, oil was around $100 a barrel.
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.
Iraq, with a population of some 41 million
people, is also grappling with a major energy crisis and suffers regular power
cuts.
Despite its immense oil and gas reserves,
Iraq remains dependent on imports to meet its energy needs.
Neighboring Iran currently provides a third
of Iraq's gas and electricity needs, but supplies are regularly cut or reduced,
aggravating daily load shedding.
"Overall, a windfall in oil revenues is
positive for Iraq," said Yesar Al-Maleki, an analyst at
Middle East Economic Survey.
"But is a two-edged sword, since it may
dampen government efforts to implement economic reforms needed to diversify its
sources of income beyond oil."
Many ordinary Iraqis are frustrated that
they see little impact of the higher oil revenues trickle down to them, in a
country where nearly a third live below the poverty line, according to the UN.
"With the new parliament bringing a
more populist flavor of MPs, it is expected that this windfall will lead to
greater calls by politicians and the public alike to increase public sector
wages and employment," Maleki added.
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