Tuesday, December 12, 2023

Iraq’s Oil Exports And Revenue Drops In Nov 2023


After reaching the highest petroleum export mark since 2019 Iraq’s sales tapered off in November. Prices were down as well for the most oil dependent country in the world.

 

In November Iraq exported an average of 3.433 million barrels a day in oil. The previous month it sold 3.534 million barrels the highest mark since September 2019. This was despite the pipeline to Turkey being closed since March. Baghdad has been able to make up for that by increasing production and flow of petroleum through the south.

 

Iraq’s oil sold for $82.66 per barrel in November. That was down from $87.57 in October. Since December 2022 prices were in the $70 range but then starting rising when the Saudis started cutting back its output. That helped Baghdad which hit an annual high of $91.35 per barrel in September. Since then prices have gone down but OPEC is trying to raise them again with a new quota.

 

The drop in prices led Iraq to earn $8.512 billion in November. That was compared to $9.594 billion in October. For the first six months of the year it was making $7 billion a month but now that has topped an average $8 billion per month for 2023.

 

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

$8.295

Aug

3.423

$83.35

$8.998

Sep

3.438

$91.35

$9.422

Oct

3.534

$87,.57

$9.594

Nov

3.433

$82.66

$8.512

2023 Avg

3.355

$79.10

$8.109

 

SOURCES

 

Dourian, Kate, “Oil exports and revenues slump in November,” Iraq Oil Report, 12/7/23

 

 

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