Iraq’s official crude export revenues leapt by 40% to $15.53bn for Q1 2021, the highest quarterly figure since 2019. Federally-controlled export volumes rose by 4% to 2.925mn b/d for the quarter. But the driving force behind the leap in revenues was the 38% rise to $59.04/B in the average price that Iraq received for its Q1 exports, also the highest figure since Q4 2019 (see chart 1).