Iraq Oil Revenue Collapses Amid ‘Perfect Storm’

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).


DON'T HAVE AN ACCOUNT?


NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?

By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.

UPGRADE