Iraq Eyes Oil Revenue Gains And Incremental Production Growth

Iraq’s oil sector got off to a strong start in 2017, earning slightly more than $5bn in January. This was the second consecutive month in which it earned more than $5bn, something it has not achieved since June 2015. 2017 has also seen exploration and development grow outside of Iraq’s core producing areas.

Total crude exports fell 6mn barrels to 103mn barrels (3.3mn b/d) in January, the lowest volume since September. But the price of Iraqi oil exports averaged $48.61/B, the highest since July 2015. This ensured that the month-on-month fall from December was just $57mn.

Shipping data suggests that exports from Iraq’s southern terminals near Basra fell slightly in February. An agreement with the Kurdistan Regional Government (KRG) to enable refining of crude from Baghdad-controlled fields in Kirkuk province will also have caused northern exports to edge down in late-February (MEES, 24 February). (CONTINUED - 828 WORDS)


chart Federal Iraq’s Oil Revenue Edges Up On Price Gains ($Bn)
chart Kuwait Energy: Iraq’s Growing Share Of Production (‘000 B/D, Working Interest Basis)