Tuesday, August 3, 2021

Iraqi Crude Prices And Revenues Continued To Rise In July 2021


Iraq’s oil exports and revenues increased in July as petroleum prices continued to rebound in 2021.

 

Iraq exported an average of 2.918 million barrels of oil per day in July. That was up from 2.892 million barrels in June and 2.899 million in May. Baghdad’s oil sales have averaged around 2.9 million barrels since the start of the year.

 

In July prices and revenues went up as well. A barrel of Iraqi crude went for $72 per barrel, the highest in three years. Prices started at $53.29 in January and has consistently risen since then as world demand has increased after a crash during the COVID pandemic. In 2021 the country is averaging $64.04 per barrel an improvement over 2020’s $38.80. That has meant Iraq’s profits rose from $6.141 billion in June to $6.513 billion in July. Last year Iraq averaged $3.493 billion a month. This year that figure is at $5.669 billion. This is good news for the Kazemi government which passed the largest budget in history. It also had the largest predicted deficit which has now disappeared due to the oil market.

 

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

2.946

$63.32

$5.787

Apr

2.947

$62.77

$5.549

May

2.899

$65.84

$5.917

Jun

2.892

$70.77

$6.141

Jul

2.918

$72.00

$6.513

2021 Avgs

2.918

$64.04

$5.669

 

SOURCES

 

Saadi, Dania, “IRAQ DATA: Federal oil exports rose 0.9% in July amid higher quota,” S&P Global, 8/1/21

 

Al Zawraa, “Oil: Our revenues for the month of July amounted to more than 6 billion dollars,” 8/1/21

 

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