Iraq’s February oil export revenues totalled $8.54bn, within touching distance of April 2012’s all-time peak of $8.795bn. Were it not for February having only 28 days, that record would likely have fallen. As it is, with oil prices well over $100/B, it’s fairly safe to pencil in a new record for March.

Somo’s average crude export price was $92.08/B. While traditionally exports from the southern port of Basrah have commanded a premium to Kirkuk, which is shipped from the Turkish Mediterranean port of Ceyhan, this has reversed amid European concerns over the Ukraine conflict. Kirkuk averaged $96.09/B for February while Basra grades achieved an average of $92.02/B. The removal of the premium Basrah Light grade from the export market has also contributed to the switch. (CONTINUED - 165 WORDS)