SULAIMANI, Kurdistan Region — Iraqi oil revenues increased by $500 million in March compared to February, despite the halt of the Kurdistan Region’s oil exports, according to Iraqi Oil Ministry.
The Iraqi Ministry of Oil announced on Thursday that the country exported 100.9 million barrels of crude oil in March, generating $7.5 billion in revenue. The average price for Iraqi crude oil in March was $74.38 per barrel.
Last month, the International Chamber of Commerce (ICC) ruled in favor of Iraq in an arbitration case against Turkey regarding the Kurdistan Region’s oil exports through the Ceyhan port.
The ICC found that Turkey had breached a 1973 pipeline agreement between Iraq and Turkey by allowing the Kurdistan Regional Government (KRG) to export oil through the pipeline without the permission of the federal government in Baghdad.
The increase in oil revenues in March is a positive development for the Iraqi economy. The country is facing a number of challenges, including a high unemployment rate and a large budget deficit. The increase in oil revenues will help the government to address these challenges.
The Iraqi government is also working to diversify its economy and reduce its reliance on oil exports. The government is investing in renewable energy, agriculture, and manufacturing through its efforts to improve infrastructure and attract foreign investment.
