Wednesday, October 5, 2022

Iraq’s Oil Revenues Drop For A Third Month In September 2022


Iraq’s oil exports have been relatively stable for the last 11 months. The main difference was the surge in prices during the spring of 2022 due to the Russian invasion of Ukraine. That is now subsiding as so are Iraq’s revenues.

 

In September 2022 Iraq sold an average of 3.292 million barrels a day of petroleum. That was slightly up from 3.286 million barrels in August. From November 2021 to September 2022 Iraq has averaged 3.2-3.3 million barrels a day. This is despite an increasing OPEC+ production quota. Iraq simply lacks the infrastructure to adequately ship out as much oil as it would like. Bad weather also often hits Basra’s ports which limit exports.

 

More importantly the prices of Iraqi crude has decreased since June. That month a barrel of Iraqi oil sold for $113.70 per barrel. They then declined to $103.60 in July, $95.12 in August and $88.83 in September. This is due to the energy market cooling off after wild speculation caused by the war in Ukraine.

 

Iraq’s revenues have gone down as a result. Iraq earned $11.505 billion in June, then $10.608 billion in July, $9.68 billion in August and $8.773 billion in September. That’s around the same level the country was making at the start of the year.

 

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

$10.608

Aug

3.286

$95.12

$9.68

Sep

3.292

$88.83

$8.773

 

SOURCES

 

NRT, “Iraq’s September Oil Revenue Tops $8.7 billion,” 10/1/22

 

Saadi, Dania, “IRAQ DATA: Federal oil exports in Sept edge up amid higher OPEC+ quota,” S&P Global, 10/2/22

 

Xinhua, “Iraq exports over 98 mln barrels of crude oil in Sept.,” 10/1/22

 

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