Iraq earns $7.2bn from June oil exports

24 July 2011

Revenues for 2011 now more than $41bn

Iraq’s oil revenues dipped slightly in June, but still earned more than $7bn for the fourth consecutive month, after exporting a total of 68.2 million barrels.

According to data released by the Oil Ministry, a total of approximately 68.2 million barrels were exported in June, down 1.2 per cent from 69 million barrels exported in May.

The country’s total receipts in June amounted to $7.17bn from exports of 2.27 million barrels a day (b/d) to the Gulf and the Mediterranean. Oil prices averaged $105.18 a barrel, down 2.8 per cent on the $108.3 a barrel price seen in May.

Total revenue for 2011 now stands at $41.3bn. Iraq assumed full sovereignty of its revenues with effect from on 1 July, taking over the Development Fund for Iraq (DFI), a New York-based bank account set up to meet the country’s reconstruction needs following the US-led invasion in 2003. The proceeds from the DFI have been transferred from the International Advisory and Monitoring Board to Iraq’s Committee of Financial Experts (MEED 8:7:11).

Exports from the north of the country through the pipeline from Kirkuk to the Turkish port of Ceyhan totalled 16.4 million barrels, or 546,000 b/d, up from 500,000 b/d in May.

Exports through oil terminals at Basra and Khor Alamya in the Gulf, which form the majority of Iraq’s crude shipments, amounted to 51.8 million b/d or 1.73 million b/d. This is down 1.7 million barrels from the 53.5 million barrels exported in May, roughly a day’s exports.

The Oil Ministry expects oil production to rise to more than 3 million b/d by the end of this year, compared with 2.4 million b/d in December. However, Iraq is fast approaching the limit of its current export capacity of 1.8 million b/d via the Basra subsea pipeline. State-owned South Oil Company (SOC) is close to awarding two major contracts for the second and third phase expansion, which will boost capacity to 4.5 million b/d (MEED 20:7:11).

To see Iraq’s oil export data, click here:

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