Tuesday, April 3, 2018

Iraq Oil Exports And Revenues Up In March 2018


Iraq has seen slight fluctuations in its oil exports in 2018. In March, they were up from February, which helped as prices have gone down each month of the new year.

The federal government exported an average of 3.453 million barrels a day in March. That was up from February’s 3.426 million. In 2018, the Oil Ministry has been averaging 3.4 million barrels a day, which was lower than the last two months of 2017 when Iraq was exporting 3.5 million.

Kirkuk’s two main oil fields Bai Hassan and Avana Dome are still not exporting. Avana Dome is online again, and sending its oil to a refinery in Irbil. There was a plan to truck oil from Kirkuk to a refinery in Iran, but lack of security along the highway ended that idea.

A barrel of Iraqi crude sold for $59.95 per barrel in March. After hitting a low of $22 per barrel in January 2016, oil prices have steadily climbed back up. In January 2018, it hit $63 the highest since November 2013. Since then the amount has decline however to $60.14 in February, and then $59 in March. OPEC agreed upon a production quota to try to raise prices, but Iraq is one of the biggest cheaters.


Federal Oil Exports, Prices, Revenues 2014-2018
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
Feb
3.426
$60.14
$5.77
Mar
3.453
$59.95
$6.418

SOURCES

Bloomberg, “Iraq’s Opec cheating wins a growing share of world’s top markets,” 1/7/18

Lando, Ben, “Iraq exports steady in March,” Iraq Oil Report, 4/2/18

Reuters, “Plan to truck oil from Iraq’s Kirkuk to Iran delayed by security concerns,” 2/26/18
- “UPDATE 1-Iraq’s oil exports from southern ports 3.45 mln bpd in March,” 4/1/18

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