Iraq has been riding the wave of high oil prices since the beginning of 2022. With monthly export revenues topping $10.5bn since March (MEES, 8 July) total revenues of $72bn for the first seven months of 2022 were just $3.6bn below 2021’s annual total of $75.63bn.
But Opec’s second largest producer appears to have hit the wall with its export capacity. Exports from the country’s key Basra ports have been stuck at just over 3.2mn b/d in recent months (see chart 1). Despite the country’s nominal Opec allocation continuing to rise for August and September (MEES, 12 August), the lack of export capacity has left Baghdad unable to capitalize. (CONTINUED - 916 WORDS)
