Tuesday, November 7, 2023

Iraq Reaches New Annual High In Oil Exports And Revenue In October


Iraq vastly increased its oil exports in October 2024 to reach an annual high in revenue. This was despite the continued closure of the Turkish pipeline.

 

In October Iraq exported an average of 3.534 million barrels a day. That was not only the highest mark this year, but the highest volume since September 2019. This was quite an accomplishment because the Turkish pipeline has been closed since March. Iraq Oil Report said this was accomplished by drastically increasing production in the southern fields.

 

A barrel of Iraqi crude sold for $88.26 in October. That was down from $91.35 in September. Prices were in the $70 per barrel range from December 2022 to July 2023 but then spiked when Saudi Arabia cut production.

 

Iraq earned $9.669 billion in October due to the high exports. That was an annual high and the most earned since August 2022.

 

This is all good news for Baghdad. It has shown it can make up for the loss of the Turkish pipeline. The high revenues are also needed as the government passed the largest budget in Iraqi history and needs to make as much money as possible.

 

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

$8.231

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

$7.506

Apr

3.288

$79.04

$7.699

May

3.305

$71.49

$7.325

Jun

3.335

$71.11

$7.115

Jul

3.444

$77.69

$8.293

Aug

3.423

$83.35

$8.998

Sep

3.438

$91.35

$9.422

Oct

3.534

$88.26

$9.669

2023 Avg

3.347

$78.81

$8.077

 

SOURCES

 

Dourian, Kate, “October exports hit 8-month high,” Iraq Oil Report, 11/3/23

 

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