April saw Iraq’s lowest exports of 2018. Fortunately, prices were up to the highest mark in four years leading to a substantial monthly revenue.
In April Iraq averaged
3.340 million barrels a day. That was down from 3.453 million in March. April
had the lowest amount since September’s 3.24 million. Maintenance work at the
loading terminals in Basra were the cause for the drop.
Despite the decrease prices for Iraqi oil were up. In April
Iraqi crude sold
for $64.60 per barrel. That was the highest since November 2014’s $70.40 per
barrel. That brought in $6.474 billion for the month. That was topped the last
two months that stood at $6.418 billion in March and $5.77 billion in February.
For the first third of 2018 Iraq is exporting 3.4 million
barrels a day and earning $6.3 billion a month. Those are both above 2017’s
averages of 3.3 million barrels and $4.9 billion. At the end of last year, the
country’s export capacity saw a sizeable increase, and oil prices have finally
recovered after collapsing in 2015, hitting a nadir of $22 per barrel in
January 2016.
Federal Oil
Exports, Prices, Revenues 2014-2018
|
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
|
|
Feb
|
3.426
|
$60.14
|
$5.77
|
|
Mar
|
3.453
|
$59.95
|
$6.418
|
|
Apr
|
3.34
|
$64.60
|
$6.474
|
SOURCES
Platts, “Iraq data: April crude exports fall sharply on bad
weather, port maintenance,” 5/2/18
Reuters, “Iraq exports from southern ports average 3.340
million bpd in April: oil executives,” 5/1/18
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