Iraqi oil revenues have jumped to their highest levels since the Covid-19 pandemic’s initial shockwaves began disrupting demand in early-2020. Export revenues totaled $5.88bn in May, the highest figure since January 2020’s $6.16bn, thanks to robust global oil prices. With Brent strengthening further through the first half of June and Opec+ cuts easing (MEES, 11 June), revenues should rise further this month.
May’s revenues represented a 6% month-on-month rise from April’s $5.55bn (MEES, 7 May), as the average price of Iraq’s crude exports rose by 4.7% to $65.45/B. This was the highest price for Iraqi crude since May 2019’s $66.68/B, although federal exports of 3.57mn b/d then were substantially higher than last month’s 2.90mn b/d. (CONTINUED - 344 WORDS)