Thursday, October 6, 2016

Sep 2016 Saw More Fluctuations In Iraq’s Oil Exports And Revenues


Thanks to an increased flow through Basra and a new deal with Kurdistan Iraq’s oil exports increased in September 2016. Unfortunately, prices went down at the same time leading to a decrease in revenues, which continued the country’s budgetary crisis.

For the month, Iraq exported an average of 3.276 million barrels a day. That was up from the 3.229 million in August, 3.203 in July, 3.175 in June, and 3.2 in May. An average of 3.245 million barrels came from Basra and 935,270 from Kirkuk. The latter was part of a new export deal with the Kurds, which agreed to share their pipeline to Turkey once again. Overall, the country is averaging 3.249 million barrels a day in 2016, up from 3.003 million in 2015.

While exports have been up, prices have continued to fluctuate up and down. In September they dipped to $38.89 per barrel, down from $39.24 in August. That meant Iraq earned $3.822 billion for the month, which was less than the $3.928 billion it made in August. So far, Iraq has brought in an average of $3.324 billion per month this year. It needs $4 billion a month just to pay salaries and pensions, and is the main reason why the country is in a financial crisis. Iraq has not made that amount since July 2015, and only did so for five months of that year because of the glut in the world petroleum market that has driven down price. Iraq is contributing to that dilemma with its increased oil production.

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
3.287
$28.40
$2.894
Apr
3.363
$33.38
$3.368
May
3.200
$37.78
$3.748
Jun
3.175
$40.36
$3.845
Jul
3.203
$38.28
$3.802
Aug
3.229
$39.24
$3.928
Sep
3.276
$38.89
$3.822
2016 Avg.
3.249
$33.50
$3.324

SOURCES

Lando, Ben, Al-Najaf, Kamaran, and Osgood, Patrick, “Oil exports tick up in September, but revenue declined,” Iraq Oil Report, 10/2/16

No comments:

Mosul Campaign day 224 May 28 2017

Federal Police officer firing an RPG in west Mosul (Reuters) The second day of the new push on west Mosul brought mixed successes. ...