Iraq’s 2015 Oil Figures: The Best Of Times, The Worst Of Times

On the surface Iraq notched up stellar oil output and export performance in 2015. But this is overshadowed by a collapse in prices and revenue, war with Islamic State and continued tension with the Kurdish north which now exports 600,000 b/d beyond Baghdad’s control.

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. (CONTINUED - 585 WORDS)

DATA INSIDE THIS ARTICLE

chart Iraq: 2015 Official Crude Export Revenues Collapse Despite 500,000 B/D Leap In Volumes
table Iraq: Key Annual Oil Data (‘000 B/D)