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
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