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Iraq's crude exports steady in March, but average price plunges 45%: oil ministry

Dubai — Iraq's crude exports averaged 3.390 million b/d in March, little changed from February, but average crude prices plunged 45%, the oil ministry said Wednesday.

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Crude export prices plummeted to an average of $28.436/b in March from $51.374/b in February, the ministry said in a statement carried by the state-run Iraqi News Agency. The ministry didn't publish production figures

Average exports from Basra's ports was 3.271 million b/d, a 1% drop from February, exports via Ceyhan were 106,000 b/d, a 74% surge from February. Exports from the Qayarah field were 4,000 b/d, a 77% drop from February and exports to Jordan were 9,000 b/d, compared with 10,000 b/d in February.

Iraq, OPEC's second-largest oil producer, is free to pump at will after the OPEC+ agreement expired at the end of March.

Iraq pumped 4.65 million b/d in February, above its OPEC+ quota of 4.46 million b/d, according to S&P Global Platts latest OPEC survey.