 |
| (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
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