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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