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
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