Iraq’s oil export revenues dropped from a record $116bn in 2022 (MEES, 6 January 2023) to $98bn in 2023. With the market adapting last year to the impact of Russia’s invasion of Ukraine, oil prices eased and demand-side concerns took hold instead. Iraq’s $18bn fall was driven by a $17/B reduction in the realized crude oil price secured by state marketer Somo; from a nine-year high $95.6/B in 2022 to $79.1/B in 2023 (see chart 1).
Iraq’s Oil Revenues Down 15% From 2022’s Record
Lower oil prices pushed Iraq’s revenues down sharply last year despite Baghdad boosting volumes from its Gulf terminals. With market share in India lost to discounted Russian barrels, Iraq has increased flows to China and Europe, and now has to cope with renewed Opec+ cuts.
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Charts
1: Iraq’s 2023 Oil Export Revenues Down $18bn From 2022’s Record
2. Iraq’s Basrah Crude Exports Rose To A Four Year High In 2023 (000’ b/d)
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