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Baghdad is on track to pocket just $49bn in crude export revenue this year, down by 42% from 2014’s $84bn and by almost half from 2012’s record $94bn. This is despite crude export volumes having risen from 2.4mn b/d to 2.8mn b/d over the same period (see graph 1).
These numbers exclude independent Kurdish exports. Overall Iraqi production and exports – including the Kurdistan Regional Government (KRG) – have risen even more strongly, with production hitting an all-time high of 4.29mn b/d in September, including a record KRG contribution of 600,000 b/d. Iraq is now in clear second place among Opec producers (see p11).
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