Wednesday, June 12, 2024

Iraq’s Oil Exports And Revenue Drop In May

In May Iraq suffered a drop in international oil prices. Its exports dipped as well.

 

In May Iraq exported an average of 3.359 million barrels a day. That was down from 3.413 million barrels in April. Iraq had been selling an average of 3.4 million barrels for three months from February to April.

 

Iraq Oil Report said this might be a gesture towards OPEC+ that Baghdad is following its production quotas. Oil Price however noted that Iraq continues to overproduce and actually raised its production by around 50,000 barrels a day in May.

 

Iraq has never complied with OPEC+ because it is the most oil dependent country in the world. It’s only policies are to increase production and gain a greater share of the world market.

 

The Oil Ministry no longer publishes figures on its revenue. Iraq Oil Report estimated that Iraq earned $8.17 billion in May due to a drop in prices. That compared to $8.81 billion in April. That was an eight month high. For the year Iraq has averaged $8.331 billion a month.

 

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

May

3.359

-

$8.17

2024 Avg

3.391

-

8.331

 

SOURCES

 

Paraskova, Tsvetana, “OPEC’s Oil Production Rises as Iraq Continues to Overproduce,” Oil Price, 6/4/24

 

Van Heuvelen, Ben, “Iraq’s May exports fall as OPEC-plus extends cuts,” Iraq Oil Report, 6/5/24

 

No comments:

This Day In Iraqi History - Jul 17 Gen Bakr led Baathist coup overthrowing Arif govt

  869 Deposed Abbasid Caliph Mutazz executed by Turkish soldiers ( Musings On Iraq review when baghdad ruled the muslim...