There was a paradox with Iraq’s oil exports in March. Sales were down yet profits were up.
In March Iraq exported an average of 3.296 million barrels a day. That was down from February’s 3.398 million barrels but on par with the previous three months as Iraq cut production to try to follow OPEC+ quotas.
No explanation was given for the surge in sales in February as the Oil Ministry has stopped issuing full details.
Despite the dip profits were up for Iraq. In February it only earned $6.7 billion which was the lowest amount since August 2021. In March they rebounded to $7.19 billion as there were more days in the month.
Oil prices have been declining due to President Trump’s tariffs. This represents a growing danger to Iraq’s budget which has grown each year to record levels and is funded almost entirely by petroleum sales. Baghdad always runs a deficit but that could not only balloon but make the government unable to pay its huge public workforce.
Federal Oil Exports, Prices, Revenues 2021-2024
|
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 |
$8.02 |
|
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 |
$7.47 |
|
Nov |
3.296 |
$7.01 |
|
Dec |
3.259 |
$7.15 |
|
2024 Avg |
3.372 |
$8.00 |
|
Jan |
3.298 |
$7.47 |
|
Feb |
3.398 |
$6.7 |
|
Mar |
3.296 |
$7.19 |
SOURCES
Iraq Oil Report, “Iraqi crude exports fall in March,” 4/7/25
Al Mada, “IMF: Iraq needs an oil price above $92 per barrel to achieve fiscal balance,” 4/10/25
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