Iraq’s oil production and exports have continued to climb throughout the last year. That has coincided with an increase in international oil prices. Together that led Baghdad to earn the most money in January 2018 since the fall of 2014.
January Iraq exported
an average of 3.758 million barrels a day in petroleum. That was down from
December’s 3.854 million, which was the highest figure Iraq had ever achieved.
Of January’s total, the Oil Ministry was responsible for 3.490 million barrels.
The Kurdistan Regional Government (KRG) did not release any official data, but
Iraq Oil Report estimated it shipped around 311,000 barrels a day.
Despite the dip in exports, Iraq still earned the most money
since September 2014. January’s sale price for Iraqi crude was $63.29 per
barrel making $6.847 billion in January. $63 was the highest amount since
November 2014’s $70.40 per barrel, and the $6.8 billion was the most made since
September 2014’s $7 billion. An OPEC production quota and international
tensions have led to a steady increase in crude prices. At the start of 2014,
Iraq was making over $100 per barrel. An oil glut and shale led that to drop to
a low of $22.21 per barrel in January 2016. That caused huge financial problems
for Baghdad, which relies upon oil for nearly 90% of its revenues.
With the recent gains in profits, Iraq is planning on
increasing its budget. Under an agreement with the International Monetary Fund
Iraq is supposed to cut its public spending and carry out economic reforms.
Prime Minister Haidar Abadi has also said that he will fight corruption. So far,
the premier has only made minor moves against graft, and mostly focused upon
the KRG because it will help him in this year’s election. There’s also previous
precedents of when oil prices went up Baghdad increased the state’s role in the
economy. That’s a lot to overcome before Iraq can be said to going down the
right path in economic development, and using its oil wealth wisely.
|
Month
|
Avg Export
(Mil)
|
Avg Price
|
Earnings
(Bil)
|
|
Jan 2014
|
2.228
|
$102.37
|
$7.073
|
|
Feb
|
2.799
|
$102.05
|
$7.9
|
|
Mar
|
2.396
|
$101.03
|
$7.507
|
|
Apr
|
2.51
|
$100.69
|
$7.582
|
|
May
|
2.58
|
$100.69
|
$8.077
|
|
Jun
|
2.423
|
$102.96
|
$7.47
|
|
Jul
|
2.442
|
$102.27
|
$7.8
|
|
Aug
|
2.375
|
$97.44
|
$7.172
|
|
Sep
|
2.542
|
$90.76
|
$7
|
|
Oct
|
2.461
|
$81.12
|
$6.19
|
|
Nov
|
2.51
|
$70.40
|
$5.238
|
|
Dec
|
2.94
|
$57
|
$5.195
|
|
2014 Totals
|
2.517
|
$92.39
|
$7.017
|
|
Jan 2015
|
2.535
|
$41.45
|
$3.258
|
|
Feb
|
2.597
|
$47.43
|
$3.449
|
|
Mar
|
2.980
|
$48.24
|
$3.449
|
|
Apr
|
3.077
|
$51.70
|
$4.8
|
|
May
|
3.145
|
$55.87
|
$5.447
|
|
Jun
|
3.187
|
$55.32
|
$5.289
|
|
Jul
|
3.105
|
$50.99
|
$4.908
|
|
Aug
|
3.079
|
$40.59
|
$3.925
|
|
Sep
|
3.052
|
$40.32
|
$3.725
|
|
Oct
|
2.703
|
$39.56
|
$3.29
|
|
Nov
|
3.363
|
$36.42
|
$3.66
|
|
Dec
|
3.216
|
$29.84
|
$2.92
|
|
2015 Totals
|
3.003
|
$44.81
|
$4.094
|
|
Jan 2016
|
3.285
|
$22.21
|
$2.262
|
|
Feb
|
3.224
|
$23
|
$2.249
|
|
Mar
|
3.287
|
$28.40
|
$2.894
|
|
Apr
|
3.363
|
$33.38
|
$3.368
|
|
May
|
3.2
|
$37.78
|
$3.748
|
|
Jun
|
3.175
|
$40.36
|
$3.845
|
|
Jul
|
3.203
|
$38.28
|
$3.802
|
|
Aug
|
3.229
|
$29.24
|
$3.928
|
|
Sep
|
3.276
|
$38.89
|
$3.822
|
|
Oct
|
3.384
|
-
|
$4.426
|
|
Nov
|
3.47
|
$40
|
$4.216
|
|
Dec
|
3.52
|
-
|
$5.074
|
|
2016 Totals
|
3.302
|
-
|
$3.625
|
|
Jan 2017
|
3.321
|
-
|
$5.002
|
|
Feb
|
3.270
|
-
|
$4.514
|
|
Mar
|
3.258
|
$47.18
|
$4.766
|
|
Apr
|
3.253
|
$47.27
|
$4.607
|
|
May
|
3.261
|
$47
|
$4.623
|
|
Jun
|
3.273
|
$42.07
|
$4.144
|
|
Jul
|
3.230
|
$43.80
|
$4.386
|
|
Aug
|
3.216
|
-
|
$4.608
|
|
Sep
|
3.24
|
-
|
$4.882
|
|
Oct
|
3.346
|
$52.59
|
$5.456
|
|
Nov
|
3.502
|
$59.19
|
$6.021
|
|
Dec
|
3.535
|
$59.35
|
$6.504
|
|
2017 Totals
|
3.309
|
-
|
$4.959
|
|
Jan 2018
|
3.49
|
$63.29
|
$6.847
|
SOURCES
Van Heuvelen, Ben,
“January exports dip, revenues rise,” Iraq Oil Report, 2/13/18
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