Iraqi Coffers Reap Reward Of Higher Oil Prices

Iraqi crude export revenues in the first four months of the year are up 75% year-on-year as significantly higher oil prices have more than offset a slight dip in volumes. January-April revenues totaled $18.9bn in 2017, against $10.8bn last year and $15.9bn in 2015, although they are well below 2014’s $30.2bn.

Revenues for April were up 37% year-on-year at $4.6bn and were higher than every month in 2016 except December. Although they slipped slightly from March’s $4.8bn, this was effectively due to the shorter month, as daily revenues averaged $154mn in both March and April.

Oil revenues are likely to suffer a more sizeable fall in May however. Iraqi oil averaged $47.28/B in April, a slight increase on March in line with Brent crude. Brent averaged $53.82/B last month but fell below $50/B in early May for the first time since November’s Opec agreement. (CONTINUED - 375 WORDS)


chart Federal Iraq’s Oil Revenue Set For 30% Annual Rise ($Bn)