Wednesday, November 3, 2021

Iraq Has Highest Oil Revenues Since Oct 2018


As the global energy market continues to recover from the COVID pandemic so does Iraq’s revenues. In October the country made the most money in three years from its oil industry.

 

In October Iraq averaged 3.12 million barrels a day in petroleum exports. That was up from 3.081 million barrels in September and the highest amount since May 2020. That’s due to rising production that has increased since June when OPEC+ quotas were eased.

 

Prices for Iraqi crude have been rising as well. One barrel sold for $79.37 in October, the most since October 2014. That brought in a total of $7.68 billion in revenues, a three year high.

 

For the year exports have recovered to 2020 levels. That year Iraq averaged 2.996 million barrels a day. This year it’s averaging 2.968 million. Prices and revenues are almost double what they were last year. In 2020 a barrel of Iraqi oil sold for $38.80 versus $67 in 2021. Last year the country averaged $3.493 billion a month in petroleum revenues versus $6.063 billion this year. The industry collapsed at the start of 2020 in a price war between Russia and Saudi Arabia followed by a dramatic drop in global demand due to COVID. OPEC and others then instituted production quotas to try to bring prices back up, which has finally happened. Iraq couldn’t be happier as it is the most oil dependent country in the world.

 

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

$6.143

Jul

2.918

$72.00

$6.476

Aug

3.054

$69.01

$6.533

Sep

3.081

$73.32

$6.77

Oct

3.12

$79.37

$7.68

2021 Avgs

2.968

$67.00

$6.063

 

SOURCES

 

Dourian, Kate, “October oil exports steady as rising prices lift revenues,” Iraq Oil Report, 11/2/21

 

Middle East Monitor, “Iraq oil exports rise to 3.12m barrels per day,” 11/1/21

 

No comments:

Violence Continues Its Winter Decline In Iraq

Since 2003 insurgent violence has almost always declined in Iraq during the winter. This year is no different as Islamic State attacks have ...