Iraq March oil exports hit highest level since 2003

Iraq's crude oil exports rose to their highest level since 2003 in March, at 2.317 million barrels per day (bpd) from 2.014 million bpd in February thanks to a new offshore export terminal, the State Oil Marketing Organisation said on Sunday.
Revenue from the exports totalled $8.4 billion, with each barrel of oil priced at $118, SOMO chief Falah Alamri said. Iraq opened a new offshore floating oil export terminal in the Gulf earlier this month, marking a major increase in the country's export capacity. "This is the highest (export) figure that Iraq has managed to achieve after 2003," Falah Alamri told Reuters. "The floating terminal will help us to increase oil exports for this month and next month." The second of four new single-point mooring (SPM) terminals is expected to come on line in April.