Iraq’s oil ministry says it exported $11.07bn of oil in March, the highest level in 50 years, as crude oil prices soared in the wake of Russia’s invasion of Ukraine.

The record oil export, which accounts for more than 90 percent of Iraq’s income, is a big boost to the state coffers.

The second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), Iraq exported “100,563,999 barrels for revenues of $11.07bn, the highest revenue since 1972”, the ministry said.

The figures published late on Friday are preliminary data but final data “generally does not vary” much, a ministry official said, speaking on condition of anonymity.