Thursday, April 7, 2022

Price For A Barrel of Iraqi Oil Passes The $100 Mark


Iraq continues to benefit from the tight oil market and the war in Ukraine. For the first time in eight years oil prices crossed the $100 mark leading to the highest monthly revenues since 1972.

 

Iraq’s oil exports dipped from 3.314 million barrels a day in February to 3.24 million in March.

 

That didn’t matter because oil prices continued to climb. A barrel of Iraqi crude went for $110.09 in March. The last time the country’s petroleum was going for over $100 was in 2014.

 

As a result Iraq’s revenues dramatically jumped from $8.54 billion in February to $11.07 billion in March. The Oil Ministry said this was the most the country earned since 1972.

 

This situation is likely to continue for the foreseeable future as long as the war in Ukraine is going on causing uncertainty in the energy market as Russia is a major oil producer.

 

Federal Oil Exports, Prices, Revenues 2019-2022

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

$72.80

$7.391

2021 Avgs

3.019

$68.33

$6.303

Jan 2022

3.203

$83.82

$8.323

Feb

3.314

$92.08

$8.544

Mar

3.244

$110.09

$11.07

 

SOURCES

 

Agence France Presse, “Iraq oil exports reach $11.07 billion in March, highest in 50 years,” 4/2/22

 

Xinhua, “Iraq’s oil export revenue hits monthly high since 1972: ministry,” 4/2/22

 

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