Tuesday, May 4, 2021

Iraq’s Oil Revenues Slightly Down In April But Still Enough For Budget


Oil prices and revenues declined slightly for Iraq in April 2021. Its crude was still selling for over $60 per barrel however which was most important in order to fund its budget.

 

Iraq exported an average of 2.947 million barrels a day in April which was just a tad bit above March’s 2.945 million barrels. 2.851 million barrels a day were shipped out of Basra with 95,447 barrels a day going through Turkey. April’s production figures were not released but it’s believed that Iraq was still violating its OPEC+ quota as it always has because it has been cash strapped since petroleum prices collapsed last year.

 

Despite the slight increase in exports revenues were down. Iraq earned $5.52 billion in April down from $5.782 billion in March. That was because the price of Iraqi crude went from $63.32 per barrel in March to $62.50 in April. Still, this was good news for Baghdad which needs at least $60 per barrel for all of 2021 to meet its budget obligations.

 

Federal Oil Exports, Prices, Revenues 2019-2021

Month

Avg Export (Mil)

Avg Price

Earnings (Bil)

Jan 2019

3.649

$56.15

$6.367

Feb

3.621

$60.83

$6.179

Mar

3.377

$63.80

$6.709

Apr

3.466

$67.41

$7.021

May

3.572

$66.68

$7.329

Jun

3.52

$60.58

$6.372

Jul

3.566

$61.15

$6.692

Aug

3.603

$57.41

$6.413

Sep

3.576

$59.14

$6.321

Oct

3.447

$57.15

$6.121

Nov

3.5

$59.82

$6.305

Dec

3.428

$63.05

$6.698

2019 Avgs

3.527

$61.09

$6.543

Jan 2020

3.306

$60.14

$6.163

Feb

3.391

$51.37

$5.053

Mar

3.391

$32.73

$2.962

Apr

3.438

$13.80

$1.51

May

3.212

$21.00

$2.136

Jun

2.816

$33.86

$2.871

Jul

2.763

$40.70

$3.492

Aug

2.597

$43.69

$3.492

Sep

2.613

$40.40

$3.173

Oct

2.876

$38.48

$3.457

Nov

2.709

$41.77

$3.404

Dec

2.846

$47.76

$4.235

2020 Avgs

2.996

$38.80

$3.493

Jan 2021

2.868

$53.29

$4.765

Feb

2.96

$60.33

$5.013

Mar

2.945

$63.32

$5.782

Apr

2.947

$62.50

$5.52

 

SOURCES

 

Hussein, Mohammed, Tahir, Rawaz, Porter, Lizzie, Van Heuvelen, Ben, and Lando, Ben, “UPDATE: Iraq passes 2021 budget with record deficit and new oil deal for KRG,” Iraq Oil Report, 4/1/21


 

NRT, “Iraq Brings In $5.53Bn In Oil Income During April: Ministry,” 5/2/21

 

Saadi, Dania, “IRAQ DATA: Federal oil exports in April nearly steady at 2.947 mil b/d: ministry,” S&P Globa, 5/2/21

 

Xinhua, “Iraq’s crude oil exports exceed 88 mln barrels in April,” 5/2/21

 

 

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