For the third straight month oil prices dropped for Iraq which led to declining revenues. Exports remained at largely the same level.
In December Iraq exported an average of 3.486 million barrels a day of oil. That was slightly up from November’s 3.433 million but below the 3.534 million of October which was the highest mark in 4 years.
For 2023 Iraq averaged 3.365 million barrels a day. That was largely the same as 2022’s 3.311 million and 2021’s 3.019 million.
Last year’s figure was still significant because Iraq was able to maintain its oil flow despite the northern pipeline to Turkey being shut down for most of the year as Ankara was angry at losing a legal dispute with Baghdad. Iraq ramped up its production in the south to make up for it. That’s now going to decline as OPEC+ starts a new round of cuts to try to keep prices up.
At the same time the country’s infrastructure is limited and at capacity and won’t see much of an increase which is why exports have stayed at the 3 million barrels a day level for the last three years.
Prices again dropped for Iraq. In December a barrel of Iraqi crude sold for $76.69. That was down from $82.66 in November, $87.57 in October and $91.35 in September. Prices did raise during the first half of the year and peaked in September but have gone down since then.
For the year, Iraq averaged $78.90 per barrel. That was less than the $95.76 it earned in 2022 but much higher than 2021’s $68.33 per barrel and $38.80 in 2020 when oil prices cratered.
The result was Iraq made $8.31 billion in December. That was the lowest amount since July.
Overall, Iraq did export more oil in 2023 but it made less than the previous year because of lower prices. Iraq averaged $8.126 billion a month in 2023 versus $9.64 billion in 2022. In total, it made $97.52 billion last year and $115.71 billion in 2022.
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 |
$9.64 |
|
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 |
|
Dec |
3.486 |
$76.69 |
$8.31 |
|
2023 Avg |
3.365 |
$78.90 |
$8.126 |
SOURCES
NINA, “Ministry Of Oil: Revenues Last Month Amounted To More Than $8 Billion,” 1/3/24
Salem, Amr, “Iraq’s oil export revenues surpassed $8.3 billion in December,” Iraqi News, 1/3/24
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