Federal Iraqi crude exports held broadly steady in April, edging up just 10,000 b/d to 2.947mn b/d. Revenues meanwhile dipped slightly as oil prices eased, dropping 4.5% to $5.53bn (see chart 1).
Despite the slight April dip, revenues have soared since late-2020 as oil markets have stabilized from the shocks of April 2020. Q1 revenues of $15.53bn were up a massive 40% on 4Q 2020. They were also up more than $1.5bn year-on-year despite average exports of 2.92mn b/d being down more than 400,000 b/d on 1Q 2020 figures. (CONTINUED - 657 WORDS)