Amman, Jordan — Iraq's total March crude exports, including those from the semi-autonomous Kurdish region in the north, were 3.88 million b/d, little changed from 3.874 million b/d in February, according to official figures and shipping data seen by S&P Global Platts.
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The March total consisted of 3.39 million b/d of federal exports and 490,000 b/d of oil from the Kurdish region, compared with 3.391 million b/d and 482,000 b/d respectively for February.
The oil ministry said its revenue, not counting the Kurdish region, was $2.989 billion, down from $5.053 billion in February. The slump occurred because the average official selling price was only $28.436/b in March, versus $51.37/b in February and $60.15/b in January. Oil revenue accounts for more than 90% of the Iraq government's revenue.
Federal exports from the southern terminals in the Persian Gulf reached 3.271 million b/d, 106,000 b/d from Kirkuk oil exported from the Turkish terminal in Ceyhan, 4,000 b/d from Qayara field trucked to southern port of Khor al-Zubair and 9,000 b/d of Kirkuk crude trucked to Jordan.
Of the exports from Gulf terminals, 74% was Basrah Light crude oil of 29-31 API degrees quality, and 26% was Basrah Heavy crude oil of 23-24 API degrees quality, according to sources from state oil marketer SOMO.