Iraqi analyst warns of March oil revenue shortfall amid oil field closures
Shafaq News- Baghdad
Seven major oil fields in Basra remain closed as of the end of March 2026, while four producing fields generated a combined daily output of 659,000 barrels per day through three state oil companies, according to Nabil Al-Marsoumi, a political analyst and professor at Al-Maqal University in Basra.
Al-Marsoumi reported that despite Iraq continuing oil exports through the Strait of Hormuz until March 8, March oil revenues did not exceed 1.9 billion dollars, equivalent to approximately 2.5 trillion Iraqi dinars. He warned that Iraq requires an additional 5 trillion dinars to cover salaries for May alone.
The analyst called for the urgent formation of a full-authority Iraqi government and preparation of a 2026 budget to provide legal cover for domestic and foreign borrowing, discounting transfers at the Central Bank of Iraq, and other measures to meet basic needs, including salaries, social welfare, water, and electricity services.
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The State Organization for Marketing of Oil (SOMO) did not officially release figures for March. However, February data showed that total crude oil exports reached approximately 99.9 million barrels, generating revenues exceeding $6.8 billion. Exports from central and southern Iraqi fields totaled 93.3 million barrels, while the Kurdistan Region exported 5.6 million barrels via the Turkish port of Ceyhan. The Qayyarah field contributed 971,130 barrels.
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