Iraqi crude export revenues are at their highest level in a decade, hitting $8.27bn in January. This massive $878mn gain on December was achieved despite export volumes actually falling as bad weather offshore Basra halted loadings.

January’s $8.27bn in export earnings was the highest monthly figure since October 2012 (see chart 1). Indeed, MEES data stretching back to January 2008 shows that it has only been beaten on five separate occasions, all in 2012. In October 2012, Iraq was exporting 2.62mn b/d, which is well down on even January’s storm-affected 3.203mn b/d. (CONTINUED - 730 WORDS)