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The graphs and tables below provide details on exports and revenues for Basra and Kirkuk crude, including daily averages, since January 2010.
|In April, exports from the southern port of Basra into the Gulf reached 64.7 million barrels, or 2.09 million barrels a day (b/d), just 1.4 per cent lower than the record post-war levels. Exports from the north through the Iraq-Turkey pipeline dropped to 11.3 million barrels, or 365,000 b/d, from 393,000 b/d in April.||Average daily exports are affected by a number of factors, including attacks on the northern pipeline and adverse weather conditions in the Gulf, which prevents vessels from being loaded. There have been no exports from the semi-autonomous Kurdistan region in the north since April 2012, due a dispute with Baghdad over the payment of contractors working in the region.|
|Revenue for Basra and Kirkuk crude totalled $7.83bn in May, down from nearly $8.8bn in April. Total revenues for 2012 are now $38.82bn. Oil prices have averaged $112 a barrel and average total exports at 2.28 million b/d.||Crude oil prices slid in April and May. The average price for Iraq's oil in May was $103.04 a barrel, compared with $116.80 a barrel in April. Prices for crude sales to the US are based on the Argus Sour Crude Index (ASCI) benchmark, which is calculated from the average price of three grades of US crude from the Gulf of Mexico.|
On 9 January 2012, Iraq published its first report for the Extractive Industries Transparency Initiative (EITI). The EITI aims to set common standards of transparency to govern the use of wealth from the sale of natural resources. The report provides details on the $41bn in revenues its received from oil and gas exports in 2009, as well as reconciling differences between earnings reported by State Oil Marketing Organization (SOMO) and the amount reported by crude buyers.
According to the US’ Special Inspector General for Iraq Reconstruction (Sigir), the reality of Iraq’s crude oil production and exports is a confusing one. Iraq’s Oil Ministry publishes its data on the 25 of each month for the previous months exports, but is often late. More importantly, the data sets used by the Oil Ministry and energy agencies rarely agree, since the methodologies used to compile statistics vary considerably. OPEC, for example, draws production data from six different primary sources and then weighs the credibility of each to arrive at its own figures.