Early estimates have Iraq earning the lowest monthly oil revenues in four years. This is due to declining prices on the international market.
In February Iraq exported an average of 3.308 million barrels a day of oil. That was third month the country’s sales increased.
Despite the gain Iraq’s revenues dropped dramatically. In February Iraq Oil Report estimated Baghdad earned only $6.6 billion down from $7.47 billion in January. The Oil Ministry has stopped providing full details on its business. February’s mark was the lowest since August 2021. Petroleum prices took a hit after OPEC+ said it would loosen its production quotas in the Spring.
This is bad news for Iraq which is the most oil dependent country in the world. Any large decline in revenues could lead to major financial problems. That’s because the last two years Baghdad has passed the largest budgets in its history.
Federal Oil Exports, Prices, Revenues 2021-2024
|
Month |
Avg Export (Mil) |
Earnings (Bil) |
|
Jan 2021 |
2.868 |
$4.765 |
|
Feb |
2.96 |
$5.013 |
|
Mar |
2.946 |
$5.787 |
|
Apr |
2.947 |
$5.549 |
|
May |
2.899 |
$5.917 |
|
Jun |
2.892 |
$6.143 |
|
Jul |
2.918 |
$6.476 |
|
Aug |
3.054 |
$6.553 |
|
Sep |
3.081 |
$6.777 |
|
Oct |
3.12 |
$7.666 |
|
Nov |
3.272 |
$7.611 |
|
Dec |
3.277 |
$7.391 |
|
2021 Avg |
3.019 |
$6.303 |
|
Jan 2022 |
3.203 |
$8.323 |
|
Feb |
3.314 |
$8.544 |
|
Mar |
3.244 |
$10.913 |
|
Apr |
3.38 |
$10.554 |
|
May |
3.3 |
$11.44 |
|
Jun |
3.373 |
$11.505 |
|
Jul |
3.303 |
$10.608 |
|
Aug |
3.286 |
$9.784 |
|
Sep |
3.292 |
$8.845 |
|
Oct |
3.382 |
$9.258 |
|
Nov |
3.329 |
$8.231 |
|
Dec |
3.332 |
$7.709 |
|
2022 Avg |
3.311 |
$9.64 |
|
Jan |
3.266 |
$7.663 |
|
Feb |
3.184 |
$7.081 |
|
Mar |
3.255 |
$7.506 |
|
Apr |
3.288 |
$7.699 |
|
May |
3.305 |
$7.325 |
|
Jun |
3.335 |
$7.115 |
|
Jul |
3.444 |
$8.294 |
|
Aug |
3.423 |
$8.998 |
|
Sep |
3.438 |
$9.422 |
|
Oct |
3.534 |
$9.594 |
|
Nov |
3.433 |
$8.482 |
|
Dec |
3.486 |
$8.311 |
|
2023 Avg |
3.365 |
$8.124 |
|
Jan |
3.339 |
$8.02 |
|
Feb |
3.434 |
$7.96 |
|
Mar |
3.423 |
$8.65 |
|
Apr |
3.413 |
$8.75 |
|
May |
3.359 |
$8.14 |
|
Jun |
3.41 |
$8.25 |
|
Jul |
3.486 |
$9.08 |
|
Aug |
3.414 |
$8.49 |
|
Sep |
3.31 |
$7.11 |
|
Oct |
3.327 |
$7.47 |
|
Nov |
3.296 |
$7.01 |
|
Dec |
3.259 |
$7.15 |
|
2024 Avg |
3.372 |
$8.00 |
|
Jan |
3.298 |
$7.47 |
|
Feb |
3.308 |
$6.6 |
SOURCES
Van Heuvelen, Ben, “February oil exports rise as OPEC-plus signals strategy shift,” Iraq Oil Report, 3/4/25
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