Monday, May 6, 2019

Crude Prices Continue To Rise In April Helping Iraq’s Revenues


(AFP)
Iraq witnessed the fourth straight month that prices for its crude continued to rise. Fears of a global recession have apparently subsided and the Trump administration’s threats to no longer give waivers to countries buying Iranian oil helped prices creep up in April. A barrel of Iraqi petroleum sold for $67.41 up from a low of $52.80 in December 2018. That earned Iraq $7.011 billion in April, the highest amount since October’s $7.9 billion.

Iraq’s exports also increased in April. It exported an average of 3.466 million barrels a day up from 3.377 million in March. However that was below the levels seen from December-February when the country was shipping 3.6-3.7 million barrels a day. A new OPEC production quota to help drive up prices has led to the decline in Iraq’s exports.

Basra was responsible for April’s increase exporting an average of 3.256 million barrels a day. That was above March’s 3.354 million barrels. Shipments from Kirkuk saw a slight decrease from 99,000 barrels a day in March to 86,000 in April. Iraq does have 630,000 barrels in storage in Turkey waiting for sale at a later date. 

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
$5.770
Mar
3.453
$59.95
$6.418
Apr
3.340
$64.60
$6.502
May
3.489
$69.80
$7.551
Jun
3.521
$69.32
$7.323
Jul
3.544
$69.16
$7.532
Aug
3.583
$69.65
$7.735
Sep
3.56
$74.15
$7.919
Oct
3.478
$73.38
$7.908
Nov
3.377
$61.09
$6.195
Dec
3.726
$52.80
$6.234
2018 Totals
3.498
$65.61
$6.953
Jan 2019
3.649
$56.15
$6.367
Feb
3.621
$60.83
$6.179
Mar
3.377
$63.80
$6.679
Apr
3.466
$67.41
$7.011

SOURCES

Van Heuvelen, Ben and Lando, Ben, “Exports steady in April,” Iraq Oil Report, 5/2/19

Reuters, “Iraq’s oil exports reach 3.466 million bpd in April: ministry,” 5/1/19


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