Iraq Oil Revenue Falls To Seven-Year Low

Iraqi official crude exports of 3.285mn b/d in January were the second highest ever, just 80,000 b/d off November’s all-time record, and came on the back of record production in December. But with average January takings of just $22.21/B for exports of Basra Light and Basra Heavy crude, monthly earnings fell to just $2.262bn, the lowest since February 2009. This is despite volumes having risen by 1.5mn b/d over the intervening seven years (see graph).

All 3.325mn b/d of official exports were from the country’s southern ports. But, unlike previous months which simply indicated zero for northern exports from the Turkish Mediterranean port of Ceyhan, the oil ministry’s 2 February release refers to “no statistics.”


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