Thursday, May 3, 2018

Prices Rise But Oil Exports Dip For Iraq In April 2018


April saw Iraq’s lowest exports of 2018. Fortunately, prices were up to the highest mark in four years leading to a substantial monthly revenue.

In April Iraq averaged 3.340 million barrels a day. That was down from 3.453 million in March. April had the lowest amount since September’s 3.24 million. Maintenance work at the loading terminals in Basra were the cause for the drop.

Despite the decrease prices for Iraqi oil were up. In April Iraqi crude sold for $64.60 per barrel. That was the highest since November 2014’s $70.40 per barrel. That brought in $6.474 billion for the month. That was topped the last two months that stood at $6.418 billion in March and $5.77 billion in February.

For the first third of 2018 Iraq is exporting 3.4 million barrels a day and earning $6.3 billion a month. Those are both above 2017’s averages of 3.3 million barrels and $4.9 billion. At the end of last year, the country’s export capacity saw a sizeable increase, and oil prices have finally recovered after collapsing in 2015, hitting a nadir of $22 per barrel in January 2016.

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
Apr
3.34
$64.60
$6.474

SOURCES

Platts, “Iraq data: April crude exports fall sharply on bad weather, port maintenance,” 5/2/18

Reuters, “Iraq exports from southern ports average 3.340 million bpd in April: oil executives,” 5/1/18

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