Iraq’s oil exports and revenue dipped for a fourth month in June.
Iraq exported an average of 3.322 million barrels a day in June. Previously Iraq sold an average of 3.359 million in May, 3.413 million in April, 3.423 million in May and 3.434 million in February.
The drop in exports is not related to petroleum production. In June Iraq produced an average of 4.195 million barrels a day which was down from 4.35 million in May. In April Iraq produced 4.31 million. All of those figures were over the country’s OPEC+ production quota. Baghdad has never followed its agreements because it is the most oil dependent country in the world. Any serious drop in exports would lead to deep financial problems especially because Iraq keeps on increasing its budgets.
The Oil Ministry stopped publishing its monthly statistics at the start of the year. Iraq Oil Report estimated that the country earned $7.92 billion in June. That was the lowest monthly total in a year.
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 |
|
Jun |
3.322 |
- |
$7.92 |
|
2024 Avg |
3.381 |
- |
8.267 |
SOURCES
Iraq Oil Report, “OPEC-plus concern keeps lid on May production growth,” 6/20/24
Van Heuvelen, Ben, “Iraqi crude exports steady in June,” Iraq Oil Report, 7/2/24
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