As MEES went to press, Iraq released its federal crude export numbers for April…and the results are horrific. Despite increasing month-on-month exports from 3.39mn b/d to 3.44mn b/d, monthly revenues crashed more than 50% to just $1.42bn – from $2.99bn in March and a $6.56bn monthly average in 2019. Driven by a $13.8/B selling price, this is Iraq’s lowest monthly figure since the early years after the 2003 US invasion.
Iraq relies on oil exports for more than 90% of its government revenues, and such a low figure cannot even cover one-third of government salaries - let alone reimburse IOCs for production (MEES, 1 May). If export revenues remain this low in coming months, the lack of government funds could exacerbate the country’s socio-economic crisis and destabilize the political scene even further. (CONTINUED - 131 WORDS)
