Tuesday, May 7, 2024

Iraq Sees 6 Month High In Oil Revenues


The Iraqi government has ceased providing full information on its monthly oil exports. The numbers available show a slight dip in foreign sales as the country attempts to comply with OPEC+ production quotas, while profits actually hit a six month high.

 

In April Iraq exported an average of 3.413 million barrels a day. That was down from 3.423 million in March and the lowest since January’s 3.339 million. Overall, the country has been averaging around 3.4 million barrels a day since July 2023.

 

In January Iraq was supposed to start cutting production to follow OPEC but it hasn’t. Iraq has always been one of the worst violators in the past because it is the most oil dependent country in the world and can’t afford to make any real reductions.

 

Baghdad has actually been fudging its numbers by not including Kurdish oil output claiming it is outside of central government control.

 

The Oil Ministry stopped publishing figures on how much it has been selling petroleum for and its monthly revenues. Iraq Oil Report estimates that Iraq earned $8.85 billion in April. That was the highest figure since October 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

$9.64

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

$8.294

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

$8.482

Dec

3.486

$77.63

$8.311

2023 Avg

3.365

$78.98

$8.124

Jan

3.339

$77.53

$8.026

Feb

3.434

-

$7.96

Mar

3.423

-

$8.68

Apr

3.413

-

$8.85

2024 Avg

3.402

-

8.379

 

SOURCES

 

Iraq Oil Report, “March production continues upward trend,” 4/17/24

 

Van Heuvelen, Ben, “April oil exports dip slightly,” Iraq Oil Report, 5/3/24

 

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