Wednesday, September 12, 2018

Iraq Reaches New 4yr High In Its Oil Industry

(Business Insider)

In August 2018 Iraq made another breakthrough reaching a new four year high in its oil exports and revenue. That was after it already made new marks in July.

In August, Iraq exported an average of 3.583 million barrels a day. That passed the previous high of 3.543 million barrels set in July. All of this petroleum came from Basra as the Oil Ministry is still not sending any oil to Turkey because of Baghdad’s dispute with the Kurdistan Regional Government.

Prices went up for Iraqi crude as well. In August a barrel of Iraqi oil sold for an average of $69.59. That was up from July’s $69.16. So far the highest price achieved this year was in May when a barrel went for $69.80.

The increase led to a new high in monthly revenue. Iraq earned $7.729 billion in August. That was the most since July 2014 when the country brought in $7.8 billion. The added cash will be a great benefit to the government. It has run a budget deficit for the last several years after oil prices collapsed at the very end of 2014. Now there is an expected surplus.

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
3.490
$63.29
$6.847
Feb
3.426
$60.14
$5.77
Mar
3.453
$59.95
$6.418
Apr
3.34
$64.60
$6.502
May
3.489
$69.80
$7.551
Jun
3.521
$69.32
$7.323
Jul
3.543
$69.16
$7.597
Aug
3.583
$69.59
$7.729

SOURCES

Agence France Presse, “Iraq oil exports hit 2018 peak in August,” 9/2/18

Lando, Ben, “Iraqi oil exports and revenues skyrocket in August,” Iraq Oil Report, 9/2/18

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