Iraq’s oil exports and revenue slightly dipped in January 2024.
Iraq exported an average of around 3.3 million barrels a day in January. That was the lowest amount since June 2023. From July to December Iraq was averaging 3.4 million barrels a day with one month reaching 3.5 million.
Prices largely stayed the same with a barrel of Iraqi crude going for $77.53 in January compared to $77.63 in December. Prices have been dropping since reaching a high of $91 in September.
The country made $8.25 billion during the month. Like prices revenues have also been going down for three months.
Iraq’s oil sales are expected to go drop further in the next few months due to a new round of OPEC+ production quotas. The hope is that this will raise prices.
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 |
$77.63 |
$8.316 |
|
2023 Avg |
3.365 |
$78.98 |
$8.127 |
|
Jan |
3.3 |
$77.53 |
$8.250 |
SOURCES
Iraq Oil Report, “Iraq delivers steady oil production in 2023 despite turbulence,” 2/1/24
Rudaw, “Iraq pockets over $8 billion in January oil revenue,” 2/2/24
Xinhua, “Iraq exports over 103 mln barrels of crude oil in Jan.,” 2/2/24
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