In the second half of 2021 Iraq’s production quota under OPEC+ has increased to go along with the energy market recovering from the COVID shock of 2020. That has increased Iraq’s oil exports but revenues continue to fluctuate.
In December 2021 Iraq exported an average of 3.277 million barrels a day. That was slightly up from 3.272 in November. Overall, the country averaged 3.109 million barrels in 2021 compared to 2.996 in 2020.
The growth at the end of the year coincided with OPEC+ loosening its production quota on Iraq. That went from 4.193 million barrels a day in November to 4.237 in December. Iraq is also one of the biggest violators of the OPEC+ agreement so its actual output was higher.
Prices and profits were down at the end of the year however. Iraqi crude sold for $72 per barrel compared to $77.33 in November and an annual high of $79.27 in October. That brought in $7.375 billion in revenue in December.
For the year Iraq’s average price was $68.21 per barrel versus $38.80 in 2020. That helped profits nearly doubled as a result from $3.493 billion per month in 2020 to $6.302 billion in 2021.
This means Iraq’s financial crisis is over but no reforms will be carried out as a result. The government will go back to its excessive spending on government salaries and pensions even though they are not sustainable over the long term and divert money away from investing and expanding the economy.
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 |
$6.553 |
|
Sep |
3.081 |
$73.32 |
$6.777 |
|
Oct |
3.12 |
$79.27 |
$7.666 |
|
Nov |
3.272 |
$77.33 |
$7.611 |
|
Dec |
3.277 |
$72 |
$7.375 |
|
2021 Avgs |
3.019 |
$68.21 |
$6.302 |
SOURCES
Iraq Oil Report, “Iraqi crude exports rise steadily through 2021,” 1/7/22
Saadi, Dania, “IRAQ DATA: December federal oil exports nearly steady despite higher OPEC+ quota,” S&P Global, 1/2/21
Xinhua, “Iraq’s crude exports exceed 101 mln barrels in Dec.: ministry,” 1/2/21
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