Iraq’s Oil Exports Up In June But Financial Worries Continue

Iraq’s oil exports and revenue were slightly up in June. They could’ve been higher if not for the Iran-Israel War.

 

In June Iraq exported an average of 3.28 million barrels a day of oil. That was up a bit from 3.278 million in May. It could’ve sold more but some tankers were late to dock due to the Iran-Israel War.

 

Foreign sales have been going down since March as Iraq decreased its production. That was in part to follow its OPEC+ quota but also because there was a disruption at Rumaila the country’s largest field after a fire at the start of the year.

 

Iraq made $6.635 billion in June as prices slightly increased also due to the war. In May it made $6.362 billion. Prices had been decreasing as well beforehand.

 

In 2024 Iraq averaged $8 billion a month from oil sales but only $6.9 billion this year.

 

This is having a major impact upon the government. The Finance Ministry reported that government revenues were down 34% or $21.3 billion the first quarter of 2025 compared to the same period last year. The state relies upon oil for 88.9% of its income. The last few years Baghdad has passed the largest budgets in the country’s history. It never plans for dips in oil prices leading to constant economic crises.

 

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 2023	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 2024	3.339	$8.026
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 2025	3.298	$7.47
Feb	3.398	$6.7
Mar	3.441	$7.717
Apr	3.365	$6.738
May	3.278	$6.362
Jun	3.28	$6.635

 

SOURCES

 

Qadir, Hastyar, “Iraq reports 34 percent revenue decrease in four months,” Rudaw, 7/2/25

 

Van Heuvelen, Ben, “Iraq oil exports steady in June,” 7/7/25