Iraq’s October 2024 Oil Exports

Iraq’s oil exports and profits went up in October 2024.

 

In October Iraq exported an average of 3.327 million barrels a day in oil. That was slightly up from 3.31 million in September.

 

Overall exports have dipped from 3.4 to 3.3 million barrels from August to September as Baghdad attempted to cut production to meet OPEC+ production quotas. The country is still far above its mark but has been lying about it by not including Kurdistan’s output.

 

More importantly revenues went up from $7.11 billion in September to $7.52 billion in October. Prices for petroleum have been dropping since August.

 

The government is worried that trend will continue which might threaten the budget which for the last two years have been the highest in history.

 

Federal Oil Exports, Prices, Revenues 2020-2022

Month	Avg Export (Mil)	Earnings (Bil)
Jan 2021	2.868	$4.765
Feb	2.96	$5.013
Mar	2.946	$5.787
Apr	2.947	$5.549
May	2.899	$5.917
Jun	2.892	$6.143
Jul	2.918	$6.476
Aug	3.054	$6.553
Sep	3.081	$6.777
Oct	3.12	$7.666
Nov	3.272	$7.611
Dec	3.277	$7.391
2021 Avg	3.019	$6.303
Jan 2022	3.203	$8.323
Feb	3.314	$8.544
Mar	3.244	$10.913
Apr	3.38	$10.554
May	3.3	$11.44
Jun	3.373	$11.505
Jul	3.303	$10.608
Aug	3.286	$9.784
Sep	3.292	$8.845
Oct	3.382	$9.258
Nov	3.329	$8.231
Dec	3.332	$7.709
2022 Avg	3.311	$9.64
Jan	3.266	$7.663
Feb	3.184	$7.081
Mar	3.255	$7.506
Apr	3.288	$7.699
May	3.305	$7.325
Jun	3.335	$7.115
Jul	3.444	$8.294
Aug	3.423	$8.998
Sep	3.438	$9.422
Oct	3.534	$9.594
Nov	3.433	$8.482
Dec	3.486	$8.311
2023 Avg	3.365	$8.124
Jan	3.339	$8.026
Feb	3.434	$7.96
Mar	3.423	$8.65
Apr	3.413	$8.75
May	3.359	$8.14
Jun	3.41	$8.25
Jul	3.486	$9.08
Aug	3.414	$8.49
Sep	3.31	$7.11
Oct	3.327	$7.52
2024 Avg	3.391	$8.197

 

SOURCES

 

Van Heuvelen, Ben, “Iraqi oil exports steady in October,” 11/6/24

- “September production drops in response to OPEC quota pressure,” Iraq Oil Report, 10/29/24