Iraqi crude export revenues totaled $4.66bn in May, the sixth successive month in which they exceeded $4.5bn. This is the first time Federal Iraq has achieved this since December 2014 as the collapse in oil prices since mid-2014 has offset a 35% increase in export volumes. But it looks as if the run will come to an end in June as oil prices have tumbled since Opec met last week and decided to extend its output restrictions for nine months (MEES, 26 May). Brent crude has fallen around 7% since the meeting and is currently hovering around $50/B.

On a pro rata basis, Iraq is on track for average monthly earnings of around $4.7bn in 2017, while this falls to about $4.57bn when factoring in lower oil prices in the second half of the year (see chart). This results in total annual earnings of $54.8-56.8bn over the course of the year, up from $43.71bn last year but well down on 2012’s high watermark of $94bn. (CONTINUED - 205 WORDS)