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
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