Iraq’s official crude export revenues leapt by 40% to $15.53bn for Q1 2021, the highest quarterly figure since 2019. Federally-controlled export volumes rose by 4% to 2.925mn b/d for the quarter. But the driving force behind the leap in revenues was the 38% rise to $59.04/B in the average price that Iraq received for its Q1 exports, also the highest figure since Q4 2019 (see chart 1).
Iraq Oil Revenues At Highest Level Since 2019 As Crude Tops $60/B
*Export volumes fell slightly for March but revenues rose to a 14-month high $5.78bn with average prices of $63/B the highest since 2019. *Total Q1 revenues and prices were also the highest since 2019 but volumes remain down due to Opec+ restrictions. *New grade Basra Medium saw Q1 exports of 870,000 b/d though volumes have fallen since the grade’s January debut. China has emerged as the grade’s key market.
Read this article for free
Gain access to over 60-years of energy analysis and news
-
Delve into the details backed by data
-
Exclusive information from high-level officials
-
Assess future risks and opportunities
IN THIS ARTICLE
Charts
1: Iraq* Quarterly Crude Exports And Revenue. Export Volumes Edged Higher In Q1 But Revenues Rose More, To Their Highest Level Since 2019, As Prices Hit $60/B
2: With Monthly Export Volumes Showing Only Modest Gains Almost All Of The Recent Revenue Surge Has Come From Higher Prices
3: Iraq Monthly Exports By Grade. Volumes Of New Grade Basrah Medium Have Dipped Since Debuting In January, Whilst March Saw Bumper Volumes Of Basrah Heavy (mn b/d)
4: Iraq’s Top Two Crude Customers (‘000 b/d): China Is Well Ahead According To Official Stats But Loading Data Put India Ahead For Q1
5: Iraq Q1 Exports By Grade & Destination ('000 b/d): Somo's New Basrah Medium Made Up 50% Of Shipments To China
6: Iraq's Northern Crude Exports Via Turkey ('000 b/d): krg Volumes Remain Depressed But Federal Exports Are At Their Highest Level Since 2015
REFERENCED MEES ARTICLES
RELATED ARTICLES
Get Our Headlines Weekly
Keep abreast with current events with our weekly headlines.
You’ll also be notified of our free articles & maps.
By signing up, you agree to receive promotional emails. You can unsubscribe at any time. For more information, read our privacy statement.