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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.
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