Iraq is exporting the highest level of oil in its history as it attempts to earn as much as possible while prices are declining. This is an attempt to stave off a financial crisis.
In November Iraq exported an average of 3.553 million barrels a day. That was down from 3.578 million barrels in October. However the country’s early figures are usually increased later on.
More importantly these last two months have seen the highest export numbers in the country’s history. The previous high was seen in October 2023 at 3.534 million.
Iraq’s foreign sales were cut at the end of 2024 due to OPEC+ production quotas which were imposed to try to raise prices. Iraq’s exports went down to 3.2 million barrels a month in November 2024 down from 3.4 million earlier in the year. During the end of 2025 those quotas were finally loosed and Iraq immediately boosted its output.
In turn Baghdad wanted to boost exports because oil prices have been declining. In November it earned $6.406 billion down from $7.031 billion in October. That November figure is likely to be raised later on just like the export numbers.
This is especially important because Iraq is the most oil dependent country in the world. The drop in revenues has led to a growing budget deficit and worries that the country may not be able to pay its bills. Unfortunately rather than reforming its budget process Baghdad is pushing for it to become more reliant upon oil to cover its finances.
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 |
3.296 |
$6.698 |
|
Jul |
3.379 |
$7.185 |
|
Aug |
3.381 |
$7.160 |
|
Sep |
3.405 |
$6.962 |
|
Oct |
3.578 |
$7.031 |
|
Nov |
3.553 |
$6.406 |
SOURCES
Van Heuvelen, Ben, “Iraqi exports dip on southern capacity squeeze,” Iraq Oil Report, 12/15/25
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