Iraq’s oil exports and revenues dipped in August for the first time in four months.
In August Iraq sold an average of 3.39 million barrels of oil per day. That was down from 3.486 million barrels in July. Exports had been growing since May. That was despite Iraq’s repeated promises to cut production to follow an OPEC+ agreement.
At the end of August Baghdad once again said that it would follow OPEC+ and compensate for its over production. Iraq is supposed to limit its output to 3.85-3.9 million barrels a day in September.
At the same time Prime Minister Mohammed Sudani called for more oil to be produced at the start of August.
Iraq has never followed any of its OPEC agreements because it is the most oil dependent country in the world. It has just passed two of the largest budgets in its history and needs to earn as much money as it can to pay for its bloated public workforce and pensions which are the largest government cost. Baghdad has a huge civil service not because it needs them but because jobs are dished out in patronage by the ruling parties to stay in office.
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 |
3.486 |
|
$9.08 |
|
Aug |
3.39 |
|
$8.42 |
|
2024 Avg |
3.406 |
- |
8.427 |
SOURCES
Iraq Oil Report, “August crude exports dip as OPEC-plus compliance pressure rises,” 9/6/24
NINA, “Prime Minister directs to raise crude oil production to increase associated gas production,” 8/4/24
Reuters, “Iraq assures OPEC of full conformity with oil production guidelines, OPEC says,” 8/29/24
Salem, Amr, “Iraq to reduce oil production in September,” 9/1/24
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