High oil prices ensured that Baghdad secured another bumper month of oil export revenues in November: $7.59bn according to preliminary oil ministry figures. This is down $90mn due to lower prices (and one fewer day) despite a 153,000 b/d increase in federally-controlled export volumes to 3.273mn b/d, the highest figure since April 2020. Of this, 3.195mn b/d were exported from Basra, while 77,000 b/d was exported via pipeline to Turkey.
December should see another rise in volumes as Opec+ cuts continue to taper, but in revenue terms this will likely be outweighed by lower prices (MEES, 3 December). (CONTINUED - 98 WORDS)