Iraq’s oil exports drop 0.8% m/m in August

By bne IntelliNews September 28, 2015

Iraq exported 95.5mn barrels of crude oil in August, marking a mild 0.8% m/m contraction on lower exports from the Basra region that were partially mitigated by rising exports from the Kurdish Kirkuk province, the ministry of oil reported.

Exports from the southern Basra region fell 1.4% m/m to 93.7mn barrels whereas those from Kirkuk jumped 38% m/m to 1.8mn barrels.

Falling oil prices during the month, however, continued to weigh on oil income that fell 19% m/m to $3.93bn in August. The average oil price per barrel sank to $41.1 a barrel from $50.26 a barrel in July.

Iraq's Finance Ministry recently forwarded to the cabinet the new 2016 draft budget, setting IQD113.5tn ($100bn) in spending and forecasting an IQD29.4tn deficit. The new budget forecasts an oil price of $45 per barrel. The 2015 state budget assumed a $56 a barrel oil price.

The oil rich country plans to borrow $6bn from international investors to help bridge the budget gap. 

Related Articles

Erdogan warns Iraqi Kurds will lose “opportunities” if independence vote proceeds

Turkish President Recep Tayyip Erdogan has warned the Iraqi Kurds that it is in their interests to call off their planned September 25 independence referendum because it “may lead to a process that ... more

Russia’s Rosneft mulls Kurdistan-Turkey-Europe gas pipeline

Russia’s Rosneft is exploring the possibility of building a 30bn cubic metre (bcm) pipeline that would from 2020 deliver natural gas supplies from the Iraqi Kurdistan region to Turkey and ... more

‘Fruit juice moment’ indicates Iran making serious trade incursions in blockaded Qatar

An image of a ‘Produced in Iran’ fruit juice brand aboard a Qatar Airways flight might not appear at all exciting but to Iranians discussing the trade opportunities generated for the Islamic ... more