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
No comments:
Post a Comment