For the first time in five months Iraq’s average daily oil exports passed the one million barrel mark. As major fighting has become sporadic between the U.S. and Iran sales have increased.
In July Iraq exported an average of 1.52 million barrels a day of petroleum. That was up from 734,000 barrels in June and 286,000 barrels in May. This was the highest mark since the Iran War started in February. Before that Iraq was exporting over 3 million barrels.
That brought in $3.165 billion in July versus $1.53 billion in June. That was still half the amount the government was earning the first two months of the year.
This means Baghdad’s economic crisis is continuing. It needs around $8.24 billion to cover its basic spending. $6 billion of that is for public salaries, pensions and welfare.
Because of the drop in exports the government has not been able to pay its workers nor foreign oil companies consistently. To solves its financial problems it has been drawing down its foreign reserves. Baghdad has been seeking to boost its non-oil revenues as well but everything really depends upon it resuming its normal flow of oil.
Federal Oil Exports, Prices, Revenues 2021-2024
|
Month |
Avg Export (Mil) |
Earnings (Bil) |
|
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 |
$6.595 |
|
Dec |
3.473 |
$6.388 |
|
2025 Avg |
3.404 |
$6.917 |
|
Jan 2026 |
3.471 |
$6.485 |
|
Feb |
3.567 |
$6.815 |
|
Mar |
0.6 |
$1.957 |
|
Apr |
0.329 |
$1.087 |
|
May |
0.286 |
$0.911 |
|
Jun |
0.734 |
$1.528 |
|
Jul |
1.52 |
$3.165 |
SOURCES
Iraq Oil Report, “Oil exports rebound past 1.5 million bpd, but fiscal crisis persists,” 8/14/26
Al Jazeera, "'There is no money': Is Iraq entering a phase of lean years?" 8/6/26
Kurdistan 24, “Iraqi Electricity Ministry Employees Protest Delayed Salaries,” 8/5/26
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