Iraq Oil Revenue Falls To New 7-Year Low

Iraq’s oil revenue fell again to $2.249bn in February, the lowest level since February 2009, though on a per-day basis February’s takings were up on January’s $2.262bn ($77.6mn/day for February versus $73.0mn/day for January).

Average prices for exports of Basra Light and Basra Heavy crude from Iraq’s southern Basra and Khor al-Amaya terminals were $24.05/B for February, up nearly $2/B (10%) on January’s 7-year low of $22.21/B. Prices have continued to edge higher in March, with average Brent values of around $40/B so far this month (see p24) equating to prices in the low $30s/B for Iraq’s heavier, sour crude.


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