Iraq’s oil exports rose for a second month. This was despite continued promises that the country would cut production to follow OPEC+.
The Oil Ministry stopped reporting on its petroleum data several months ago. Iraq Oil Report estimated that it exported an average of 3.486 million barrels a day in July. That was up from 3.41 million in June and 3.359 million in May. For the year the country has been selling around 3.4 million barrels a day per month.
This occurred because Baghdad continues to produce past its OPEC+ quota. Iraq was supposed to produce 3.997 million barrels a day in June but its output was around 4.189 million.
At the start of August Prime Minister Mohammed al-Sudani called for production to go up even higher.
This has been Iraq’s policy for years. As the most oil dependent country in the world it has never followed any OPEC deals and always over produced to try to earn as much money as possible and increase its market share in the petroleum industry.
That has helped with profits as Iraq made an estimated $8.77 billion in July the second highest monthly figure for the year. Baghdad needs every dollar because it’s last two budgets have been the biggest in history and is almost completely funded by oil.
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 |
3.41 |
- |
$8.23 |
|
Jul |
3.485 |
|
$8.77 |
|
2024 Avg |
3.409 |
- |
8.383 |
SOURCES
NINA, “Prime Minister directs to raise crude oil production to increase associated gas production,” 8/4/24
Van Heuvelen, Ben, “July crude exports continue upward trend,” Iraq Oil Report, 8/13/24
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