Oil revenues up despite slight export drop - Panorama Insurance Brokers

Oil revenues up despite slight export drop

Federal Iraq earned $7.912 billion in oil revenues in September, its highest take in 52 months, despite a small decrease in Basra Gulf exports.

Nationwide, exports dropped nearly two percent month-on-month, from 4.028 million barrels per day (bpd) to 3.95 million bpd, as the autonomous Kurdistan Regional Government (KRG) loaded fewer tankers despite increased pipeline flows to the Ceyhan port in Turkey.

Iraq Oil Report’s monthly export reports are based on federal Oil Ministry data* and reports from industry officials. The Kurdistan region does not provide monthly production and revenue data.

Kurdistan’s crude is discounted about $11 from the Brent benchmark – a bargain compared to the federal government’s Basra Light and Basra Heavy grades, which were priced at $4.80 and $7.55 below Brent, respectively, in September – but all are benefiting from a continued upward trend in global oil prices.

The federal government sold its oil for an average of $74.091 per barrel in September, up from $69.651 per barrel in August, according to an Oil Ministry statement. The KRG’s oil exports, sold at an estimated $67 per barrel, likely garnered about $785 million.

All of Iraq’s federal exports head to market through the Basra Gulf.

The Khor al-Amaya Oil Terminal (KAAOT) remains offline due to necessary repairs, but the four single point mooring (SPM) buoys and the al-Basra Oil Terminal (ABOT) exported an average 3.56 million bpd in September, the ministry statement said. That’s the second-highest federal export figure in history, after August’s average of 3.583 million bpd.

“The increase can be attributed to operational improvements,” said an industry expert who tracks Iraq’s southern oil sector, including quicker turnaround time for tanker hook-ups to the SPMs.

A second industry official said that, after “long maintenance activity” for the SPMs, “all four are operating now.”

In northern Iraq, all exports are conducted independently by the KRG via the port of Ceyhan in Turkey, despite complaints and lawsuits from the federal government.

In September, about 400,000 bpd flowed through Kurdistan’s pipeline to the Iraq-Turkey Pipeline, an increase from 370,000 bpd in August.

Total tanker loadings declined month-on-month, however, from 445,000 bpd to 390,000 bpd, according to a senior industry official who follows the Kurdistan oil sector. In August, Kurdistan pulled extra crude from storage.

That official and a second industry official confirmed a drop in the quality of crude coming to Ceyhan, from an API averaging 30-31 to API 29 in September.

“It’s heavier, with higher sulfur rates,” one official said.

Below are the Iraqi federal government’s average daily crude exports and total revenues, by month, as stated by the Oil Ministry since 2011.* These figures exclude oil sold independently by the KRG.

2018

Sept. 2018: 3.56 million bpd – $7.912 billion
Aug. 2018: 3.583 million bpd – $7.735 billion
July 2018: 3.544 million bpd – $7.532 billion
June 2018: 3.521 million bpd – $7.323 billion
May 2018: 3.489 million bpd – $7.551 billion
April 2018: 3.340 million bpd – $6.502 billion
March 2018: 3.453 million bpd – $6.418 billion
Feb. 2018: 3.426 million bpd – $5.770 billion
Jan. 2018: 3.490 million bpd – $6.847 billion

2017

2017 average daily total: 3.309 million bpd
2017 total revenue: $59.513 billion

Dec. 2017: 3.535 million bpd – $6.504 billion
Nov. 2017: 3.502 million bpd – $6.021 billion
Oct. 2017: 3.346 million bpd – $5.456 billion
Sept. 2017: 3.24 million bpd – $4.882 billion
Aug. 2017: 3.216 million bpd – $4.608 billion
July 2017: 3.230 million bpd – $4.386 billion
June 2017: 3.273 million bpd – $4.144 billion
May 2017: 3.261 million bpd – $4.623 billion
April 2017: 3.253 million bpd – $4.607 billion
March 2017: 3.258 million bpd – $4.766 billion
Feb. 2017: 3.270 million bpd – $4.514 billion
Jan. 2017: 3.321 million bpd – $5.002 billion

2016

2016 average daily total: 3.302 million bpd
2016 total revenue: $43.502 billion

Dec. 2016: 3.52 million bpd – $5.074 billion
Nov. 2016: 3.47 million bpd – $4.216 billion
Oct. 2016: 3.384 million bpd – $4.426 billion
Sept. 2016: 3.276 million bpd – $3.822 billion
Aug. 2016: 3.229 million bpd – $3.928 billion
July 2016: 3.203 million bpd – $3.802 billion
June 2016: 3.175 million bpd – $3.845 billion
May 2016: 3.2 million bpd – $3.748 billion
April 2016: 3.363 million bpd – $3.368 billion
March 2016: 3.287 million bpd – $2.894 billion
Feb. 2016: 3.224 million bpd – $2.249 billion
Jan. 2016: 3.285 million bpd – $2.262 billion

2015

2015 average daily total: 3.003 million bpd
2015 total revenue: $49.128 billion

Dec. 2015: 3.216 million bpd – $2.92 billion
Nov. 2015: 3.363 million bpd – $3.66 billion
Oct. 2015: 2.703 million bpd – $3.29 billion
Sept. 2015: 3.052 million bpd – $3.725 billion
Aug. 2015: 3.079 million bpd – $3.925 billion
July 2015: 3.105 million bpd – $4.908 billion
June 2015: 3.187 million bpd – $5.289 billion
May 2015: 3.145 million bpd – $5.447 billion
April 2015: 3.077 million bpd – $4.8 billion
March 2015: 2.980 million bpd – $4.457 billion
Feb. 2015: 2.597 million bpd – $3.449 billion
Jan. 2015: 2.535 million bpd – $3.258 billion

2014

2014 average daily total: 2.517 million bpd
2014 total revenue: $84.204 billion

Dec. 2014: 2.94 million bpd – $5.195 billion
Nov. 2014: 2.51 million bpd – $5.238 billion
Oct. 2014: 2.461 million bpd – $6.19 billion
Sept. 2014: 2.542 million bpd – $7 billion
Aug. 2014: 2.375 million bpd – $7.172 billion
July 2014: 2.442 million bpd – $7.8 billion
June 2014: 2.423 million bpd – $7.47 billion
May 2014: 2.58 million bpd – $8.077 billion
April 2014: 2.51 million bpd – $7.582 billion
March 2014: 2.396 million bpd – $7.507 billion
Feb. 2014: 2.799 million bpd – $7.9 billion
Jan. 2014: 2.228 million bpd – $7.073 billion

2013

2013 average daily total: 2.391 million bpd
2013 total revenue: $89.145 billion

Dec. 2013: 2.341 million bpd – $7.471 billion
Nov. 2013: 2.381 million bpd – $7.238 billion
Oct. 2013: 2.253 million bpd – $7.169 billion
Sept. 2013: 2.07 million bpd – $6.511 billion
Aug. 2013: 2.579 million bpd – $8.356 billion
July 2013: 2.324 million bpd – $7.272 billion
June 2013: 2.328 million bpd – $6.799 billion
May 2013: 2.483 million bpd – $7.477 billion
April 2013: 2.622 million bpd – $7.764 billion
March 2013: 2.417 million bpd – $7.772 billion
Feb. 2013: 2.536 million bpd – $7.644 billion
Jan. 2013: 2.358 million bpd – $7.672 billion

2012

2012 average daily total: 2.42 million bpd
2012 total revenue: $94.078 billion

Dec. 2012: 2.348 million bpd – $7.551 billion
Nov. 2012: 2.620 million bpd – $8.2 billion
Oct. 2012: 2.624 million bpd – $8.578 billion
Sept. 2012: 2.598 million bpd – $8.371 billion
Aug. 2012: 2.565 million bpd – $8.44 billion
July 2012: 2.516 million bpd – $7.5 billion
June 2012: 2.403 million bpd – $6.453 billion
May 2012: 2.452 million bpd – $8 billion
April 2012: 2.508 million bpd – $8.795 billion
March 2012: 2.316 million bpd – $8.472 billion
Feb. 2012: 2.013 million bpd – $6.595 billion
Jan. 2012: 2.106 million bpd – $7.123 billion

2011

2011 average daily total: 2.165 million bpd
2011 Total revenue: $82.97 billion

Dec. 2011: 2.15 million bpd – $7.06 billion
Nov. 2011: 2.13 million bpd – $6.83 billion
Oct. 2011: 2.09 million bpd – $6.74 billion
Sept. 2011: 2.103 million bpd – $6.62 billion
Aug. 2011: 2.189 million bpd – $7.12 billion
July 2011: 2.167 million bpd – $7.31 billion
June 2011: 2.273 million bpd – $7.17 billion
May 2011: 2.225 million bpd – $7.47 billion
April 2011: 2.141 million bpd – $7.34 billion
March 2011: 2.159 million bpd – $7.17 billion
Feb. 2011: 2.202 million bpd – $6.06 billion
Jan. 2011: 2.163 million bpd – $6.08 billion

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