Tuesday, June 7, 2022

Iraq Hits Another High In Oil Prices And Revenue In May 2022


Prices and revenues have continued to climb for Iraq. May saw record highs in both.

 

Iraq exported an average of 3.3 million barrels a day in oil which was basically the same amount as April. Sales have stayed steady between 3.2 million and 3.3 million since November 2021.

 

The real story was that prices reached a new high. In May a barrel of Iraqi oil sold for $111.79 passing the previous yearly high of $110.09 seen in March. 2014 was the last time Iraqi crude was going for over $100 per barrel.

 

The country earned $11.43 billion as a result, another high mark surpassing $10.913 billion in March. According to the Oil Ministry this was the most Iraq made in a month since 1972.

 

Iraq is the most oil dependent country in the world but it has not been able to benefit yet from this turn of events. A new government has not been seated after the October 2021 elections, and a budget has not been passed as a result. The political deadlock could last quite some time so these profits are piling up in the state’s coffers.

 

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

May

3.3

$111.79

$11.43

 

SOURCES

 

NRT, “Iraq’s Oil Revenue Tops 11 Billion Dollars In May,” 6/1/22

 

Xinhua, “Iraq exports 102 mln barrels of crude oil in May,” 6/1/22

 

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