Tuesday, March 7, 2023

Iraq’s Oil Exports and Revenues Stabilize in Feb 2023


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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