As the Iran conflict wanes Iraq has been able to slowly boost its oil exports for the last four months. This is welcomed news for the most oil dependent country in the world.
In September Baghdad exported an average of 2.799 million barrels a day of petroleum. That was the highest mark since February when the Iran War began.
Oil exports have been increasing every month since hitting a low of 246,000 barrels a day in May.
Revenues have been going up as well. In September the Oil Ministry brought in $7.063 billion. This was a 13 month high and the first time Baghdad was able to take advantage of the current prices caused by the war. It could’ve made more but has been selling at a discount to encourage people to buy its oil while costs and risks are higher in the Persian Gulf.
Iraq relies upon petroleum for up to 90% of its budget. The government has been going into debt and borrowing from the Central Bank of Iraq’s foreign reserves to cover its spending while exports have been down. The $7 billion earned in September will be a welcomed boost to the state’s coffers to deal with this financial crisis caused by the war.
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 |
0.600 |
$1.957 |
|
Apr |
0.329 |
$1.087 |
|
May |
0.246 |
$0.836 |
|
Jun |
0.816 |
$1.499 |
|
Jul |
1.586 |
$3.145 |
|
Aug |
2.377 |
$4.452 |
|
Sep |
2.799 |
$7.063 |
SOURCES
Iraq Oil Report, “Iraqi oil revenues rebound to pre-war levels,” 10/6/26
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