Tuesday, July 11, 2023

Iraq Earns Second Lowest Oil Revenues This Year In June


Oil prices for Iraqi crude have stagnated since December 2022 while exports have been flat for the last year and a half.

 

In June Iraq exported an average of 3.335 million barrels a day in petroleum. That was the highest amount for the year but only slightly up from May’s 3.305 million. This was despite the pipeline to Turkey still being shut down which ended oil sales from both Kirkuk and Kurdistan. In 2023 Iraq has averaged 3.2 million barrels a month which is little different from 2022’s 3.3 million barrels.

 

Prices were down in June with Iraqi oil going for $71.11 per barrel. That was the lowest amount since August 2021. That accounted for the dip in revenue from $7.306 billion in May to $7.115 billion in June. That was the second lowest monthly total in 2023 after February’s $7.081 billion.

 

These figures are not good for Baghdad which just passed the largest budget in the country’s history. It is based upon an average of 3.5 million barrels a day in exports going for $70 per barrel. Those figures could be reached if Turkey agreed to re-open its pipeline but talks have dragged out for months now with no sign that Istanbul is close to compromising. The new budget has the biggest projected deficit in history and that will go up as a result of Turkey’s intransigence.


 

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

3.184

$76.75

$7.081

Mar

3.255

$73.43

$7.26

Apr

3.288

$79.04

$7.699

May

3.305

$71.49

$7.306

Jun

3.335

$71.11

$7.115

2023 Avg

3.272

$74.55

$7.345

 

SOURCES

 

NINA, “Ministry of Oil: Last month’s revenues amounted to more than $7 billion,” 7/1/23

 

No comments:

This Day In Iraqi History - Nov 23 Military govt formed under PM Mahmoud to put down 1952 Intifada protests against monarchy and UK

  1914 Sir Percy Cox issued statement in Arabic that British had occupied Basra and UK was at war with Ottomans and had ...