Booming oil prices pushed Iraq 2021 revenues to within touching distance of 2019 levels despite much lower volumes. With exports cranking up the outlook for 2022 it is brighter still, although capacity constraints could yet rear their head in the coming months.
Iraq’s crude oil revenues soared by 80% last year as they rebounded from 2020’s 11-year low. Overall, revenues rose to $75.6bn, although this was ultimately just short of 2019’s $78.8bn (see chart). The driver was resurgent oil prices as the market recovered from 2020’s seismic Covid-induced shock, with Brent topping $80/B for the first time since 2018 in October. (CONTINUED - 662 WORDS)