Iraq’s mammoth oil sector continued to cruise in July – exporting 3.44mn b/d from Basra and another 101,000 b/d from The Turkish Mediterranean port of Ceyhan via the KRG’s northern pipeline. Year-to-date exports have averaged 3.54mn b/d – up from 3.47mn b/d over the same period last year – putting Iraq on course for an annual record.
A lower selling price for Iraqi crude ($62.4/B for 7M 2019 versus $65/B a year earlier) has meant a dip in export revenues – but only slightly. Baghdad has so far brought in $47bn this year, down just $800mn (see chart). If oil prices and exports hold steady, Iraq is looking at around $80bn in export revenues – just a hair behind last year’s $83.7bn and not far behind the 2011-14 days of $100/B oil when Iraq netted $85-95bn despite only exporting around 2.3mn b/d. (CONTINUED - 580 WORDS)