Saturday, February 17, 2018

Iraq Has Highest Oil Revenue Since Sep 2014


Iraq’s oil production and exports have continued to climb throughout the last year. That has coincided with an increase in international oil prices. Together that led Baghdad to earn the most money in January 2018 since the fall of 2014.

January Iraq exported an average of 3.758 million barrels a day in petroleum. That was down from December’s 3.854 million, which was the highest figure Iraq had ever achieved. Of January’s total, the Oil Ministry was responsible for 3.490 million barrels. The Kurdistan Regional Government (KRG) did not release any official data, but Iraq Oil Report estimated it shipped around 311,000 barrels a day.

Despite the dip in exports, Iraq still earned the most money since September 2014. January’s sale price for Iraqi crude was $63.29 per barrel making $6.847 billion in January. $63 was the highest amount since November 2014’s $70.40 per barrel, and the $6.8 billion was the most made since September 2014’s $7 billion. An OPEC production quota and international tensions have led to a steady increase in crude prices. At the start of 2014, Iraq was making over $100 per barrel. An oil glut and shale led that to drop to a low of $22.21 per barrel in January 2016. That caused huge financial problems for Baghdad, which relies upon oil for nearly 90% of its revenues.

With the recent gains in profits, Iraq is planning on increasing its budget. Under an agreement with the International Monetary Fund Iraq is supposed to cut its public spending and carry out economic reforms. Prime Minister Haidar Abadi has also said that he will fight corruption. So far, the premier has only made minor moves against graft, and mostly focused upon the KRG because it will help him in this year’s election. There’s also previous precedents of when oil prices went up Baghdad increased the state’s role in the economy. That’s a lot to overcome before Iraq can be said to going down the right path in economic development, and using its oil wealth wisely.

Month
Avg Export (Mil)
Avg Price
Earnings (Bil)
Jan 2014
2.228
$102.37
$7.073
Feb
2.799
$102.05
$7.9
Mar
2.396
$101.03
$7.507
Apr
2.51
$100.69
$7.582
May
2.58
$100.69
$8.077
Jun
2.423
$102.96
$7.47
Jul
2.442
$102.27
$7.8
Aug
2.375
$97.44
$7.172
Sep
2.542
$90.76
$7
Oct
2.461
$81.12
$6.19
Nov
2.51
$70.40
$5.238
Dec
2.94
$57
$5.195
2014 Totals
2.517
$92.39
$7.017
Jan 2015
2.535
$41.45
$3.258
Feb
2.597
$47.43
$3.449
Mar
2.980
$48.24
$3.449
Apr
3.077
$51.70
$4.8
May
3.145
$55.87
$5.447
Jun
3.187
$55.32
$5.289
Jul
3.105
$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
3.216
$29.84
$2.92
2015 Totals
3.003
$44.81
$4.094
Jan 2016
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
3.2
$37.78
$3.748
Jun
3.175
$40.36
$3.845
Jul
3.203
$38.28
$3.802
Aug
3.229
$29.24
$3.928
Sep
3.276
$38.89
$3.822
Oct
3.384
-
$4.426
Nov
3.47
$40
$4.216
Dec
3.52
-
$5.074
2016 Totals
3.302
-
$3.625
Jan 2017
3.321
-
$5.002
Feb
3.270
-
$4.514
Mar
3.258
$47.18
$4.766
Apr
3.253
$47.27
$4.607
May
3.261
$47
$4.623
Jun
3.273
$42.07
$4.144
Jul
3.230
$43.80
$4.386
Aug
3.216
-
$4.608
Sep
3.24
-
$4.882
Oct
3.346
$52.59
$5.456
Nov
3.502
$59.19
$6.021
Dec
3.535
$59.35
$6.504
2017 Totals
3.309
-
$4.959
Jan 2018
3.49
$63.29
$6.847

SOURCES

Van Heuvelen, Ben, “January exports dip, revenues rise,” Iraq Oil Report, 2/13/18


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