Iraq’s oil exports recovered from a slight dip in January 2022. Petroleum prices also continued to rise driven by fears over the Russia’s invasion of Ukraine.
In February Iraq exported an average of 3.314 million barrels a day. That was up from 3.203 million in January. Iraq’s petroleum sales have been steadily rising as its production quota has been increased under the OPEC+ agreement. That made February’s mark the highest since April 2020.
Iraq has also benefited from tensions over the world energy market now being driven by the war in the Ukraine. That has led prices to edge towards the $100 mark for the first time since 2014. In February a barrel of Iraqi crude went for $92.08. At the start of 2021 prices were in the $50 range. That’s all been good news for Iraq which is the most oil dependent country in the world.
The country earned $8.54 billion as a result. In January it made $8.27 billion which was the highest amount since August 2013. Profits can be expected to continue to rise in the coming months.
That will likely lead to another inflated budget full of increased spending on government workers which is unsustainable in the long run. Iraq’s politicians don’t care however because they are only concerned about their patronage networks that keep them in power.
Federal Oil Exports, Prices, Revenues 2019-2021
|
Month |
Avg Export (Mil) |
Avg Price |
Earnings (Bil) |
|
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 |
$6.121 |
|
Nov |
3.5 |
$59.82 |
$6.305 |
|
Dec |
3.428 |
$63.05 |
$6.698 |
|
2019 Avgs |
3.527 |
$61.09 |
$6.543 |
|
Jan 2020 |
3.306 |
$60.14 |
$6.163 |
|
Feb |
3.391 |
$51.37 |
$5.053 |
|
Mar |
3.391 |
$32.73 |
$2.962 |
|
Apr |
3.438 |
$13.80 |
$1.51 |
|
May |
3.212 |
$21.00 |
$2.136 |
|
Jun |
2.816 |
$33.86 |
$2.871 |
|
Jul |
2.763 |
$40.70 |
$3.492 |
|
Aug |
2.597 |
$43.69 |
$3.492 |
|
Sep |
2.613 |
$40.40 |
$3.173 |
|
Oct |
2.876 |
$38.48 |
$3.457 |
|
Nov |
2.709 |
$41.77 |
$3.404 |
|
Dec |
2.846 |
$47.76 |
$4.235 |
|
2020 Avgs |
2.996 |
$38.80 |
$3.493 |
|
Jan 2021 |
2.868 |
$53.29 |
$4.765 |
|
Feb |
2.96 |
$60.33 |
$5.013 |
|
Mar |
2.946 |
$63.32 |
$5.787 |
|
Apr |
2.947 |
$62.77 |
$5.549 |
|
May |
2.899 |
$65.84 |
$5.917 |
|
Jun |
2.892 |
$70.77 |
$6.143 |
|
Jul |
2.918 |
$72.00 |
$6.476 |
|
Aug |
3.054 |
$69.01 |
$6.553 |
|
Sep |
3.081 |
$73.32 |
$6.777 |
|
Oct |
3.12 |
$79.27 |
$7.666 |
|
Nov |
3.272 |
$77.33 |
$7.611 |
|
Dec |
3.277 |
$72.80 |
$7.391 |
|
2021 Avgs |
3.019 |
$68.33 |
$6.303 |
|
Jan 2022 |
3.203 |
$83.82 |
$8.32 |
|
Feb |
3.314 |
$92.08 |
$8.54 |
SOURCES
NRT, “Iraqi Oil Revenue For February Tops $8 Billion,” 3/1/22
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