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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