Iraq’s oil exports barely changed between January and February 2023. Sales have been the same for more than a year now while prices have stabilized after the shock of the Russian invasion of Ukraine wore off.
Iraq exported an average of 3.295 million barrels a day in February. That was only slightly above January’s 3.266 million barrels. Since November 2021 Iraq’s sales have fluctuated between 3.2-3.3 million barrels a day. Iraq has the capacity to export more but its infrastructure is plagued by problems that hasn’t allowed that to happen.
Prices for Iraqi oil has increased for three months. In February a barrel of Iraqi crude went for $76.75. That was more than January’s $75.69 and December’s $73.64. Prices spiked at the start of 2022 after Russia invaded Ukraine leading to a high of $113.70 per barrel in June. That has now worn off and things are levelling off.
Iraq earned $7.081 billion in February. That was down from $7.663 billion in January because February had three less days.
Overall, Iraq’s oil industry has stagnated for more than a year now. It hasn’t been able to boost its exports due to bottlenecks. That has left its economy, the most oil dependent in the world, at the whims of the international energy market as it ebbs and flows.
Federal Oil Exports, Prices, Revenues 2020-2022
|
Month |
Avg Export (Mil) |
Avg Price |
Earnings (Bil) |
|
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 |
|
Nov |
3.329 |
$82.41 |
$8.23 |
|
Dec |
3.332 |
$73.64 |
$7.709 |
|
2022 Avg |
3.311 |
$95.76 |
$9.63 |
|
Jan |
3.266 |
$75.69 |
$7.663 |
|
Feb |
3.295 |
$76.75 |
$7.081 |
SOURCES
Lee, John, “Iraq Achieves $7.1bn Oil Exports in February,” Iraq-Business News, 3/2/23
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