Iraq's Oil Exports Suffer Catastrophic Decline in March

(MENAFN) Iraq's State Oil Marketing Organization (SOMO) revealed Monday that the country's crude oil exports suffered a catastrophic decline in March, plummeting to approximately 18.6 million barrels — an 81% freefall from the 99.8 million barrels shipped in February, as the widening conflict involving the United States, Israel, and Iran continues to strangle regional energy flows.

The revenue toll was equally severe. According to an official SOMO statement, March export earnings barely exceeded $1.95 billion — a staggering collapse from the $6.8 billion recorded just one month prior, representing a loss of nearly $5 billion in a single month.

The heaviest damage was concentrated in Iraq's core production heartland. Exports from oil fields across central and southern Iraq — the zones most exposed to the maritime blockade — totaled only 14.5 million barrels in March, a fraction of normal output levels.

Seeking to bypass the Gulf shipping paralysis, Baghdad activated its northern export corridor. Shipments from the semi-autonomous Kurdistan region routed through the Turkish port of Ceyhan reached approximately 1.27 million barrels, offering limited but critical relief.

The crisis traces back to February 28, when the outbreak of the broader Middle East conflict triggered the closure of the Strait of Hormuz — a chokepoint through which a significant share of the world's energy supplies ordinarily flows. Prior to the disruption, Iraq routinely exported roughly 100 million barrels monthly.

The scale of the crisis carries profound implications for Baghdad. Crude oil exports underpin approximately 90% of Iraq's national revenues, leaving the country acutely vulnerable to any prolonged disruption in maritime energy corridors.

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