Wednesday, July 10, 2024

Iraq’s Oil Exports Drop For 4th Month


Iraq’s oil exports and revenue dipped for a fourth month in June.

 

Iraq exported an average of 3.322 million barrels a day in June. Previously Iraq sold an average of 3.359 million in May, 3.413 million in April, 3.423 million in May and 3.434 million in February.

 

The drop in exports is not related to petroleum production. In June Iraq produced an average of 4.195 million barrels a day which was down from 4.35 million in May. In April Iraq produced 4.31 million. All of those figures were over the country’s OPEC+ production quota. Baghdad has never followed its agreements because it is the most oil dependent country in the world. Any serious drop in exports would lead to deep financial problems especially because Iraq keeps on increasing its budgets.

 

The Oil Ministry stopped publishing its monthly statistics at the start of the year. Iraq Oil Report estimated that the country earned $7.92 billion in June. That was the lowest monthly total in a year.

 

Federal Oil Exports, Prices, Revenues 2020-2022

Month

Avg Export (Mil)

Avg Price

Earnings (Bil)

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 Avg

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 Avg

3.019

$68.33

$6.303

Jan 2022

3.203

$83.82

$8.323

Feb

3.314

$92.08

$8.544

Mar

3.244

$110.09

$10.913

Apr

3.38

$104.09

$10.554

May

3.3

$111.79

$11.44

Jun

3.373

$113.70

$11.505

Jul

3.303

$103.60

$10.608

Aug

3.286

$96.05

$9.784

Sep

3.292

$89.56

$8.845

Oct

3.382

$88.31

$9.258

Nov

3.329

$82.41

$8.231

Dec

3.332

$73.64

$7.709

2022 Avg

3.311

$95.76

$9.64

Jan

3.266

$75.69

$7.663

Feb

3.184

$76.75

$7.081

Mar

3.255

$73.43

$7.506

Apr

3.288

$79.04

$7.699

May

3.305

$71.49

$7.325

Jun

3.335

$71.11

$7.115

Jul

3.444

$77.69

$8.294

Aug

3.423

$83.35

$8.998

Sep

3.438

$91.35

$9.422

Oct

3.534

$87.57

$9.594

Nov

3.433

$82.66

$8.482

Dec

3.486

$77.63

$8.311

2023 Avg

3.365

$78.98

$8.124

Jan

3.339

$77.53

$8.026

Feb

3.434

 

-

$7.96

Mar

3.423

-

$8.68

Apr

3.413

-

$8.85

May

3.359

-

$8.17

Jun

3.322

-

$7.92

2024 Avg

3.381

-

8.267

 

SOURCES

 

Iraq Oil Report, “OPEC-plus concern keeps lid on May production growth,” 6/20/24

 

Van Heuvelen, Ben, “Iraqi crude exports steady in June,” Iraq Oil Report, 7/2/24

 

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