Tuesday, November 8, 2022

Iraq Sees Slight Increase In Oil Revenues After 3 Month Decline


After three months Iraq’s oil revenues finally went up in October. That was due to a slight increase in exports while prices actually remained stable.

 

In October 2022 Iraq exported an average of 3.382 million barrels a day in oil. That was slightly up from the last month when exports were at 3.292 million. For the year sales have fluctuated between 3.2 to 3.3 million barrels. This was despite an increase in Iraq’s OPEC+ production quota. The country simply lacks the infrastructure to export much more.

 

Prices have declined for the last 5 months. In October a barrel of Iraqi crude went for $88.31. That was down from $89.56 in September, $96.05 in August, $103.60 in July, and $113.70 in June. The jump in prices from Russia’s invasion of Ukraine has started to wear off and OPEC is now trying to cut production to keep them up.

 

Things worked out for Iraq as its revenues increased. They went from $8.845 billion in September to $9.258 billion in October. Iraq finally has a new government and its first priority is to pass a budget so it can start spending all this petroleum money that has largely been 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

$10.608

Aug

3.286

$96.05

$9.784

Sep

3.292

$89.56

$8.845

Oct

3.382

$88.31

$9.258

 

SOURCES

 

The Cradle, “Iraq reaches $9 billion in oil revenues, first increase in three months,” 11/1/22

 

Iraq Oil Report, “October oil exports and revenues rise,” 11/3/22

 

NRT, “SOMO: Over 100 Million Barrels of Crude Exported In October,” 11/1/22

 

Xinhua, “Iraq exports over 100 mln barrels of crude oil in Oct.,” 11/1/22

 

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