Italy: Gulf Down, Except Iraq
14 Jun, 2019
Oil & Gas
Iraq: May Exports Recovery Pushes Revenues To 7-Month High
07 Jun 2019
Iraq is again pushing oil exports and production back up towards record highs following an atypical period of compliance with its Opec obligations. Federal exports jumped 110,000 b/d to a three-month high of 3.57mn b/d in May, although they remain well off the pace from December’s record 3.73mn b/d.
This increase in volumes was more than enough to offset a slight dip in the price of Iraqi crude to $66.68/B, and indeed revenues surged to a seven-month high of $7.38bn for May. That was well in excess of December’s $6.10bn, when Iraq had the misfortune of combining record exports with 16-month low prices.
Year-to-date earnings now total $33.84bn, up marginally against $33.02bn for the first five months of 2018. However, that will likely have reversed at the six-month mark given the recent price slumps.
With exports recovering, MEES estimates that...
Federal Iraq's May Crude Exports Top 3.5mn B/D ($Bn)
