Iraq Chalks Up Record Exports But Revenue Less Than Half Mid-2014 Level

Iraqi crude exports are running at record levels. Including volumes shipped independently by the KRG they are closing in on 4mn b/d.

Iraq’s federally controlled crude exports hit a record 3.37mn b/d in November. Official volumes, which are all from the southern Basra terminals and exclude the KRG, were boosted from a backlog in loading from a storm-hit October schedule (MEES, 6 November).

But, despite this, the month’s export revenue of $3.67bn is just 47.5% of the $7.74bn that Iraq’s oil exports brought in in July 2014 before oil prices collapsed. Average November takings were just $36.42/B; the figure was $102.26/B for July 2014. The country’s crude exports brought in an all-time record $8.80bn at an average price of $116.88/B in April 2012.


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