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Iraqi crude oil exports through official channels brought in just $49.1bn for 2015, down by 42% on 2014’s $84.1bn, and 48% on 2012’s record $94.0bn. This is despite output having risen by 950,000 b/d over the same period (see table).
For 2015, Iraqi production was, at 3.97mn b/d according to MEES estimates, not only an all-time high but just a hair’s breadth from cracking the 4mn b/d mark.
This whopping 637,000 b/d rise on a year earlier makes Iraq the star performer not only within Opec – the country single handedly accounted for well over half of the group’s 1.13mn b/d 2015 output increase –but globally. Indeed, despite Iran’s ambitious talk of ramping up output early in 2016, Iraq’s position as Opec’s number two producer behind Saudi Arabia is unlikely to be challenged any time soon.
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