Iraq’s December exports of 3.73mn b/d smashed the previous high. Key expansions mean Baghdad will break this mark in 2019 despite Opec output commitments.
Iraqi oil export revenues came in at $83.7bn for 2018, up a massive 41% versus 2017’s $59.5bn. This four-year high was achieved thanks to the combination of record high export volumes and substantial oil price gains. Unfortunately for Baghdad, a repeat looks unlikely for 2019 with oil prices entering the year more than $10/B lower than in January 2018.
Federal export volumes averaged 3.50mn b/d during 2018, smashing the previous record of 3.31mn b/d set in 2017 (see chart 1). Volumes trended upwards throughout the year with the exception of October and November when stormy weather hampered loadings.
This culminated in December’s record 3.73mn b/d, besting August’s previous record of 3.58mn b/d. Nevertheless, this wasn’t enough to completely offset the lower numbers...