Iraq’s oil exports drop 22% m/m to 62.1mn barrels in September 2013

By bne IntelliNews October 28, 2013

Falling exports amid major modernisation works in the southern port of Basra cut Iraq’s oil exports by 22% m/m and 20% y/y to 62.1mn barrels in September 2013, official data from the state-owned Oil Marketing Company (SOMO) showed. Output and exports from the Kirkuk region also retreated albeit at a slower pace.

Oil proceeds, consequently, fell 22% m/m to USD 6.51bn in September. The average oil price per barrel stood at USD 104.84, nearly the same as in August.

Exports from the southern Basra oil fields and ports shrank 25% m/m to 54.6mn barrels. Sales from the Kirkuk oil fields in northern Iraq retreated to 7.5mn barrels in September from 8.4mn barrels a month earlier.

Iraq's oil exports growth has been rapidly slowing in annual terms and will eventually erode further in Q4 2013, according to government officials. Iraq's draft 2014 state budget implies a 7-10% increase in spending to roughly USD 130bn, according to government officials.

The current 2013 state budget holds for an 18% increase in spending to IQD 139tn (USD 118bn). The budget assumes an average oil price of USD 90 a barrel, up from USD 85 in 2012, and oil output of 2.9mn bpd, up 11% from 2.625mn in 2012. Some 40% of the spending is for capital investments, the main priorities of which are power and security.

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

Dismiss