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Iraqi crude exports are up by 700,000 b/d over the past two years. But, with local products output having collapsed, the need to import record volumes of gasoline and diesel is eating into revenue.
Iraq’s refinery output fell to just 388,000 b/d in May, the lowest figure since January 2008 – hardly surprising seeing that earlier data on crude supplied to refineries indicated similar 8-9 year lows (MEES, 15 July). Whilst other regional countries, notably Saudi Arabia (see p8) are looking to maximize the proportion of their crude output refined domestically in order to maximize revenue, Iraq saw a mere 8% of its crude output refined domestically in April and May, the lowest figure on record.
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