Tuesday, September 7, 2021

Iraq’s Oil Exports Up In August But Prices Drop


Iraq boosted its oil exports in August to the highest level in over a year but its profits were largely flat due to a drop in prices.

 

In August Iraq exported an average of 3.054 million barrels a day in oil. That was up from 2.918 million in July. That was the highest figure since May 2020’s 3.212 million which was before OPEC+ started its production quota to try to stabilize prices which were free falling after a price war between Russia and Saudi Arabia and the COVID epidemic hit the world. Iraq’s quota is increasing which should allow it to export around 3 million barrels a day from now on. For the year Iraq has been averaging 2.9 million barrels a month.

 

The rise in exports didn’t help the country’s revenues however. It earned $6.533 billion for the month only slightly up from July’s $6.513 billion. That was because prices dropped from $72 per barrel to $69.01 during that same period. Overall Iraqi crude has been rising from $53.29 in January to $60 from February to May and then hitting the $70 mark in June and July. That showed that the OPEC quotas along with life returning to normal despite COVID have led to the energy market to recover.

 

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

Aug

3.054

$69.01

$6.533

2021 Avgs

2.935

$64.66

$5.777

 

SOURCES

 

Dourian, Kate, “Iraq’s August oil revenues steady as export volumes rise,” Iraq Oil Report, 9/2/21

 

Saadi, Dania, “IRAQ DATA: Federal oil exports rose 4.7% in August amid higher OPEC+ quota,” S&P Global, 9/1/21

 

No comments:

This Day In Iraqi History - Sep 18

  1916 British leaders told troops to continue advance in Mesopotamia vs Ottomans after huge loss at Kut One of biggest ...