In April 2016 Iraq achieved a new high in its monthly oil
exports. That corresponded with the highest prices for its crude and profits
for the year. That gave hope to Baghdad that the international oil market was
recovering and that it could look forward to higher revenues in the coming
months. Unfortunately the country was still not making enough to pay its bills.
Last month Iraq had its highest monthly oil exports since
the 2003 invasion. It averaged
3.364 million barrels a day in April. That surpassed the previous high in
November 2015 when the country had 3.363 million in exports. The April figures
raised the yearly average to 3.289 million barrels, which was above 2015’s mark
of 3.003 million barrels.
Oil prices hit a new annual high as well. In April a barrel
of Iraqi crude sold for $33.25.
In the previous three months prices were in the $20 range. That earned the
country $3.343 billion for the month, again the highest amount in 2016, and the
most since it made $3.66 billion in November. Despite those increases Iraq is
still below its 2015 marks when it averaged $44.81 per barrel for the year and
made $4.094 billion per month. The country needs around $50 per barrel each
month to meet its costs. As of now it is facing a large budget deficit and
using its foreign reserves to cover its bills. The export and price increase
were welcomed, but were still not enough.
Iraq Oil Exports & Revenues
2015-16
|
Month
|
Avg.
Exports
|
Avg. Price
Per Barrel
|
Earnings
(Bil)
|
|
Jan
|
2.535
|
$41.45
|
$3.258
|
|
Feb
|
2.597
|
$47.43
|
$3.449
|
|
Mar
|
2.980
|
$48.24
|
$4.457
|
|
Apr
|
3.077
|
$51.70
|
$4.8
|
|
May
|
3.145
|
$55.87
|
$5.447
|
|
Jun
|
3.187
|
$55.32
|
$5.289
|
|
Jul
|
3.104
|
$50.99
|
$4.908
|
|
Aug
|
3.079
|
$40.59
|
$3.925
|
|
Sep
|
3.052
|
$40.32
|
$3.725
|
|
Oct
|
2.703
|
$39.56
|
$3.29
|
|
Nov
|
3.363
|
$36.42
|
$3.66
|
|
Dec
|
3.215
|
$29.84
|
$2.92
|
|
2015 Avg.
|
3.003
|
$44.81
|
$4.094
|
|
Jan
|
3.285
|
$22.21
|
$2.262
|
|
Feb
|
3.224
|
$23
|
$2.249
|
|
Mar
|
3.286
|
$28
|
$2.894
|
|
Apr
|
3.364
|
$33.25
|
$3.343
|
|
2016 Avg.
|
3.289
|
$26.61
|
$2.687
|
SOURCES
Al Ansary, Khalid Dipaola, Anthony, “Iraq oil Exports Near
Record as Baghdad Protests Intensify,” Bloomberg, 5/1/16
Lando, Ben, “Exports and revenue rebound in April,” 5/3/16
Shafaq News, “Iraq says oil exports, revenues increase in
April,” 5/1/16
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