Federal Iraq’s annual crude oil export revenues have crossed the $100bn mark for the first time and are on track to exceed $115bn by the end of the year. Even though revenues of $8.23bn for November were the lowest monthly figure this year according to preliminary figures from state marketer Somo, they remain well above typical pre-2022 levels.
November’s figure is down by more than $1bn from October putting it more than $3bn below May’s all-time high of $11.48bn (MEES, 3 June). The fall was primarily driven by lower oil prices, with November’s average of $82.42/B the lowest of the year so far. Not just was it lower than any month since Russia’s February invasion of Ukraine roiled oil markets, it was also lower than January’s pre-conflict figure of $83.83/B. (CONTINUED - 1028 WORDS)