Thursday, December 5, 2019

Iraq’s Oil Exports Remain Stable in November 2019

(Oil and Gas)

Iraq’s oil exports returned to their average in November 2019. Iraq also benefited from a slight uptick in revenues.

In November Iraq exported an average of 3.5 million barrels a day. That was up from 3.447 million barrels in October, and just around the 2019 average of 3.53 million barrels per a day. The increase was due to an uptick in petroleum flowing through Basra, which went form 3.34 million barrels a day in October up to 3.4 million in November.

This increase came as oil prices went up slightly. In November a barrel of Iraqi crude sold for $59.82, which was up from $57.15 in October. Still, that was below the 2019 average of $60.92 per barrel. Oil prices have been largely stagnant for the last year because of a glut of supply. They started at $56.15 in January, reached a peak of $67.41 in April due to tensions with Iran, but then have been largely trending downwards since then.

Higher prices for Iraqi crude led to more revenues. Iraq earned $6.282 billion in November. That was up from $6.107 billion in October, but below the yearly average of $6.52 billion. Iraq is hoping to increase its profits by backing a new production quota within OPEC. Ironically, Iraq has never followed any of those agreements, and has contributed to the current oversupply on the oil market.

Federal Oil Exports, Prices, Revenues 2014-2019
Month
Avg Export (Mil)
Avg Price
Earnings (Bil)
2014 Totals
2.517
$92.39
$7.017
2015 Totals
3.003
$44.81
$4.094
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
$6.709
Apr
3.466
$67.41
$7.021
May
3.572
$66.68
$7.329
Jun
3.52
$60.58
$6.372
Jul
3.566
$61.15
$6.692
Aug
3.603
$57.41
$6.413
Sep
3.576
$59.14
$6.321
Oct
3.447
$57.15
$6.107
Nov
3.5
$59.82
$6.282
2019 Totals
3.53
$60.92
$6.52

SOURCES

Lando, Ben, “Iraq oil exports reverse two-month decline,” Iraq Oil Report, 12/2/19

Turak, Natasha, “Iraq, one of OPEC’s biggest over-producers, is urging deeper production cuts,” CNBC, 12/4/19

Xinhua, “Iraq’s crude exports exceed 105 mln barrels in November,” 12/1/19

No comments:

This Day In Iraqi History - Jan 24

1969 Former MP Bajari during spy trial claimed opposition leaders were trying to overthrow Pres Bakr’s govt 1970 42...