Iraq Oil Revenues Soar But Stretched Southern Export Capacity Caps Gains

The yet-to-be formed Iraqi government will have to deal with creaking infrastructure.

Federal Iraq exported 3.52mn b/d in June—all from its southern export facilities. With Iraqi crude prices staying just under $70/B and volumes at near record-highs, this equates to $7.32bn in crude export revenues – the first time since August 2014 that Iraq has recorded back-to-back months in excess of $7bn.

MEES estimates that if export volumes and prices remain stable throughout 2018, Iraq’s annual earnings will be close to 2014’s $84.12bn, though still well shy of 2012’s record $94.03bn when monthly earnings averaged $7.84bn (see chart).If achieved, this would be a 40% increase on last year’s $59.32bn, itself a 36% gain on 2016.


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