Tuesday, August 9, 2022

Prices for Iraqi Oil Dropped In July


Iraq is the most oil dependent country in the world. During the recent boom in petroleum prices it has been making record profits. Those finally declined in July.

 

In July 2022 Iraqi crude sold for $103.60 per barrel. That was after selling for $113.70 in June and $111.79 in May. That resulted in profits going from $11.505 billion in June to $10.6 billion in July. Iraq has been making over $10 billion a month since March.

 

Exports also declined from 3.373 million barrels a day in June to 3.303 million in July. Sales have averaged 3.3 million barrels a day for five of the last seven months. That was despite the OPEC+ production quota increasing for Iraq. It simply doesn’t have the infrastructure to sell more.

 

These record profits are going for naught however as the ruling parties are deadlocked over forming a new government. That means there is no budget for 2022 and no way for the state to spend all of this incoming money. An emergency food bill was passed that allowed for some extra expenditures but most of Iraq’s oil profits are sitting in the bank.

 

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 Avg

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 Avg

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 Avg

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

$11.44

Jun

3.373

$113.70

$11.505

Jul

3.303

$103.60

$10.6

 

SOURCES

 

Crisp, Wil, “Iraqi oil exports rise to 102 million barrels in July,” 8/3/22

 

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