Iraqi Crude Export Volumes Approach Record Highs

Federal Iraqi crude exports rose 78,000 b/d to 3.36mn b/d in April from the previous month, just 10,000 b/d shy of November 2015’s record figure (MEES, 8 April). Allied with a steady rise in oil prices in April – Brent increased from $39.83/B in March to $43.34/B in April – export revenues increased to $3.34mn, the first time it has breached the $3mn level since November. It was also the first time in which consecutive gains in monthly oil revenue were realized since May 2015.

The Iraqi Oil Ministry also released data on March output on 1 May. The level of crude supplied to refineries was the highest since November at 431,000 b/d. Meanwhile, levels of direct crude burn for electricity generation fell to the lowest level since March 2014. Moreover, the 109,000 b/d was just 2.5% of overall production last March, the lowest in percentage terms since May 2013. However, the average Q1 direct burn of 141,000 b/d remains higher than the 134,000 b/d in the same period last year.


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