Thursday, October 11, 2018

Iraq Reaches Another 4 Yr High In Oil Revenues

(Modern Diplomacy)

Iraq reached a new four year high in oil revenues despite exports declining slightly.

In September Iraq averaged 3.56 million barrels a day in oil exports. That was down from 3.583 barrels in August.

Despite the dip Iraq earned more money. It made $7.912 billion, up from $7.729 billion in August. That was the highest revenue since May 2014 when the country brought in $8.077 billion. Prices for Iraqi crude increased from $69.59 in August to $74.09 in September. Since the start of the year prices have been around $60 but recently went up due to U.S.-Iran tensions and new sanctions.

Iraq is also repairing its war damage and increasing its capacity. The Ajeel oil field in Salahaddin was back at work. The Qayara field was producing again as well.

That all bodes well for Iraq, which faced several years of budget deficits due to the collapse of petroleum prices and the war with the Islamic State.

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
Sep
3.56
$74.09
$7.912

SOURCES

Al Hurra, “Iraqi oil revenues set a record,” 10/1/18

Lando, Ben, “Oil revenues up despite slight export drop,” Iraq Oil Report, 10/1/18

Paraskova, Tsvetana, “Iraq Aims At 60,000 Bpd Production At Newly Restarted Oil Field,” Oil Price, 9/28/18

Reuters, “Iraq repairs: Ajil oilfield torched by Islamic State: minister,” 10/9/18

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