Iraq: Record Oil Exports, Revenues At 6-Year High

Federal Iraqi crude export revenues have risen to their highest levels since late-2012 following five consecutive quarterly increases. The government took in $23.24bn over the course of 3Q 2018, up a massive 67% year-on-year and the highest since 4Q 2012’s $24.33bn (see chart 1). The last time revenues were this high, exports were 1mn b/d less than current levels.

It’s a combination of rising oil prices and record-high export volumes that have propelled revenues to these near-six-year highs. Despite a slight dip, September’s 3.56mn b/d was still the second highest figure on record after August’s all-time high of 3.58mn b/d ( MEES, 7 September ). Not just was Q3 the first instance in which quarterly exports averaged in excess of 3.5mn b/d, but volumes have now exceeded the level for four straight months. (CONTINUED - 731 WORDS)


chart 1: Iraqi Crude Export^ Revenues ($BN) In Q3 At Highest Level Since 2012
chart 2: Iraqi Crude Export Revenues On Track To Rise Above $85bn For First Time Since 2013
chart 3: Iraq’s September Crude Oil Exports: No. 1 & 2 Buyers China & India Account For Almost Half Of Total Volumes (%)