Thursday, May 12, 2022

Iraq Continues To Earn Huge Amounts While Oil Prices Are High


Iraq continues to benefit from the surge in oil prices caused by Russia’s invasion of Ukraine. Even when exports dip like they did in April the country continues to rake in huge profits.

 

In April 2022 Iraq exported an average of 3.38 million barrels a day. That was up from March’s 3.244 million barrels and the highest amount since April 2020.

 

Prices decreased a bit so Iraq wasn’t able to make as much as did last month. A barrel of Iraqi crude went for $104.09 in April down from $110.09 in March. The last time Iraqi petroleum was going for over $100 per barrel was in 2014.

 

Iraq earned $10.554 billion in April. The month before it made $10.913 billion, Last year it was only averaging $6.303 billion a month showing what a boom the Ukraine War has been for the country. The conflict is likely to last for quite some time maintaining prices. This will be of most benefit to Iraq which is the most oil dependent country in the world.

 

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

$10.913

Apr

3.38

$104.09

$10.554

 

SOURCES

 

Dourian, Kate, “April exports rise by 200k bpd,” Iraq Oil Report, 5/3/22

 

Reuters, “Iraq oil exports reach 101 mln barrels in April – ministry,” 5/1/22

 

Xinhua, “Iraq exports over 100 mln barrels of crude oil in April,” 5/2/22

 

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