Iraq Declared Inauguration of Karbala Oil Refinery

SEATTLE (Oil Monster): The statement issued by the office of the Iraqi Prime Minister Mohammed Shia’ al-Sudani said that it has inaugurated the Karbala oil refinery in South Karbala province, Central Iraq.

It must be noted that the refinery has a production capacity of 140,000 barrels per day, comprising of 33 operational, service, and storage units, as well as a warehouse and a station for pumping products to external depots and gas filling stations. The complex also houses a power station with production capacity of 200 megawatts of electricity. It processes crude oil from the southern oil fields in Basra.

The country had exported 100.91 million barrels of crude oil in March this year, generating a total revenue of $7.4 billion. The average price for Iraqi crude oil in March stood at $73.37 per barrel. The major portion of the exports were from central and southern Iraq’s oil fields via the port of Basra.

According to estimates, crude oil exports account for over 90% of the country’s total annual revenues. The rise in crude prices since the outbreak of Russia-Ukraine crisis has been benefiting the country over the past several months. However, fears of lower global oil demand have badly impacted prices off late.

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