Iraq Oil Revenues Hit New High

By John Lee.

Iraq's Ministry of Oil has announced preliminary oil exports for May of 102,303,020 barrels, giving an average for the month of 3.300 million barrels per day (bpd), slightly down from the 3.380 million bpd exported in April.

The exports from the oilfields in central and southern Iraq amounted to approximately 98,946,914 barrels, while exports from the Kirkuk fields through the port of Ceyhan amounted to 3,002,133 barrels.

While not explicitly stated by the Ministry, these figures seem to imply that exports by road to Jordan totalled 353,973 barrels for the month.

Revenues for the month were $11.436 billion, at an average price of $111.79 per barrel.

April's export figures can be found here.

(Source: Ministry of Oil)

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Iraq confirms exceptional April Oil Exports

By John Lee.

Iraq's Ministry of Oil has announced preliminary oil exports for April of 101,390,662 barrels, giving an average for the month of 3.380 million barrels per day (bpd), up from the 3.244 million bpd exported in March.

This is the highest daily export rate since the 3.438 million barrels per day achieved in April 2020.

The exports from the oilfields in central and southern Iraq amounted to approximately 98,100,042 barrels, while exports from the Kirkuk fields through the port of Ceyhan amounted to 2,991,060 barrels.

While not explicitly stated by the Ministry, these figures seem to imply that exports by road to Jordan have resumed as planned, and totalled 299,560 barrels for the month.

Revenues for the month were $10.609 billion, at an average price of $104.637 per barrel.

March's export figures can be found here.

(Source: Ministry of Oil)

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Iraq debates New Oil Pipeline to Jordan

From Amwaj Media. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

PM Kadhimi under fire as Iraq debates new oil pipeline to Jordan

Since taking office in May 2020, Iraqi Prime Minister Mustafa Al-Kadhimi has placed the activation of an oil pipeline to Jordan at the top of his agenda.

The idea is to transfer crude from the southern city of Basra to the Jordanian Red Sea port of Aqaba, reaching international markets via the Suez Canal.

However, plans for the pipeline have drawn heavy criticism from Iraqi political factions close to Tehran-despite the new opportunities it would create for Iran.

The full report can be viewed here (registration required).

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Iraq Oil Export Volumes hit 2-Year High

By John Lee.

Iraq's Ministry of Oil has announced preliminary oil exports for April of 101,390,662 barrels, giving an average for the month of 3.380 million barrels per day (bpd), up from the 3.244 million bpd exported in March.

This is the highest daily export rate since the 3.438 million barrels per day achieved in April 2020.

The exports from the oilfields in central and southern Iraq amounted to approximately 98,100,042 barrels, while exports from the Kirkuk fields through the port of Ceyhan amounted to 2,991,060 barrels.

While not explicitly stated by the Ministry, these figures seem to imply that exports by road to Jordan have resumed as planned, and totalled 299,560 barrels for the month.

Revenues for the month were $10.55 billion, at an average price of $104.091 per barrel.

March's export figures can be found here.

(Source: Ministry of Oil)

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Iraq Finalises March Oil Exports

By John Lee.

Iraq's Ministry of Oil has announced finalised oil exports for March of 100,579,612 barrels, giving an average for the month of 3.244 million barrels per day (bpd), down slightly from the 3.314 million bpd exported in February.

The exports from the oilfields in central and southern Iraq amounted to approximately 99,130,677 barrels, while exports from the Kirkuk fields through the port of Ceyhan amounted to 1,488,935 barrels.

Revenues for the month were $10.913 billion, at an average price of $108.503 per barrel. According to the Ministry, this is the highest monthly oil revenue in Iraq since 1972.

February's export figures can be found here.

(Source: Ministry of Oil)

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Baghdad, Erbil conclude First Round of Talks on Oil

By John Lee.

The Iraqi federal government in Baghdad and the Kurdistan Regional Government (KRG) have concluded a first round of talks to discuss the management of the Kurdistan region's oil and gas resources.

The meeting follows the ruling by a federal court in February that exports of oil and gas from the Kurdistan region were unconstitutional.

After the meeting, Baghdad's Ministry of Oil has said that it has proposed that existing oil contracts in the region be transferred to a new company, to be set up in Erbil but owned by the federal authority. 

Revenues from sales would be lodged to an escrow account at an international bank, owned by the Ministry of Finance.

(Source: Ministry of Oil)

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Iraq Oil Revenues hit 50-Year High

By John Lee.

Iraq's Ministry of Oil has announced preliminary oil exports for February of 100,563,999 barrels, giving an average for the month of 3.244 million barrels per day (bpd), down slightly from the 3.314 million bpd exported in February.

The exports from the oilfields in central and southern Iraq amounted to approximately 99,115,064 barrels, while exports from the Kirkuk fields through the port of Ceyhan amounted to 1,488,935 barrels.

Revenues for the month were $11.07 billion, at an average price of $110.090 per barrel. This is the highest monthly oil revenue in Iraq since 1972.

February's export figures can be found here.

(Source: Ministry of Oil)

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Deloitte report on Oil and Gas in Iraqi Kurdistan

As part of the KRG's drive to promote transparency, Deloitte have been commissioned to produce an audited report detailing oil and gas exports, production costs, and revenues for the second half of 2021.

The report, which analyzes the oil and gas industry on a quarterly basis, is now available as a PDF in English, Kurdish and Arabic on the KRG website.

Click here to download the reports.

(Source: KRG)

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KRG “Remains Committed” to Oil and Gas Contracts

By John Lee.

The Prime Minister of the Kurdistan Regional Government (KRG) has assured the region's partners in the oil and gas sector that the KRG "remains committed" to the contracts that have been signed with energy companies.

Masrour Barzani told the Global Energy Forum 2022 that the contracts are "in line with our oil and gas law and the Iraqi Constitution and they are a bedrock of our shared future".

He added:

"The sanctity of the contracts are just as important to my government as they are to you ...

"Investors in Kurdistan have the right to receive regular payments. Ensuring this happens is a core focus of my cabinet, which will clearly help secure future investment. We value the investment and partnership of all the energy companies who are in Kurdistan - I know you have maintained commitment through the challenges ...

"We in Kurdistan have long sought mechanisms for the federal distribution of oil and gas revenues across all of Iraq. That's what the Constitution calls for, and the only practical way forward for both Baghdad and us."

His comments follow the recent Federal Supreme Court ruling that sales of oil and gas law by the KRG, independently of the central government in Baghdad, are unconstitutional.

Barzani described the ruling as "unconstitutional and blatantly political."

(Source: KRG)

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Iraq to Resume Oil Exports to Jordan

By John Lee.

Iraq and Jordan have reportedly agreed to re-start the export of crude oil from Kirkuk to the refinery at Zarqa in Jordan.

The most recent deliveries to Jordan by truck were in January, and according to Jordan Times they are expected to resume in April.

Exports have previously been agreed at 10,000 barrels per day (bpd).

(Source: Jordan Times)

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