Iraq's revenues from oil exports jump 62% in the first half of 2021

oil field
 
07/30/2021

Economy News - Baghdad

Iraq achieved an increase in oil export revenues during the first half of 2021 on an annual basis, despite the decrease in the quantities of crude exported, and with the support of the remarkable improvement witnessed by international oil prices; After absorbing the shocks of the successive waves of the Corona pandemic and improving economic activity.

Revenues from Iraqi oil exports, according to a statistic prepared by "Mubasher" and seen by "Economy News", based on official data from the Iraqi Oil Marketing Company "SOMO", increased by 61.95% during the first half of 2021, with an increase of 12.69 billion dollars compared to revenues The same period last year.

The value of Iraqi crude oil exports amounted to 33.18 billion dollars in the first half of this year, compared to 20.49 billion dollars during the same period in 2020.

Exports rose during April at the highest pace in the first half of 2021, with an increase of 267.5 percent year on year, equivalent to more than $4 billion.

The month of June recorded the highest level of exports during the first half of 2021 at $6.14 billion, achieving an annual increase of 113.95%.

Decreased exported quantities by more than 65 million barrels

Iraq's revenues from oil exports increased in the first half of 2021, despite a decrease in the exported quantities by 10.96 percent during that period, a decline equivalent to 65.01 million barrels.

The total quantities of crude exported by Iraq amounted to 528.16 million barrels, compared to 593.17 million barrels in the first half of 2020.

Exports declined during the first 5 months of this year on an annual basis, but rose during June on an annual basis by about 2.7% to more than 86.76 million barrels.

Exports fell at the highest pace in February, by 15.7% on an annual basis, recording the lowest level of exports during the first half of 2021 by 82.88 million barrels.

The average price of a barrel increased by 81.5%

supporting the growth of Iraqi oil export revenues in the first half of 2021; The average selling price of a barrel of oil increased by 81.5% during that period on an annual basis.

The average price of a barrel of oil during the first half of 2021 amounted to about $62.81, compared to $34.61 in the same period last year, which witnessed a sharp decline in the price of black gold, affected by the Corona pandemic and its impact on global economic activity, as well as the price war between producers due to production before Reaching a policy to support the stability and balance of markets that led to an increase in the price of the barrel.

The price of a barrel of oil fell last year to a level of $14.64 a barrel during the month of April, coinciding with the outbreak of the first wave of the Corona pandemic, knowing that the price in the same month of this year amounted to $62.78 a barrel, rising by 328.85 percent.

Prices reached their peak in the first half of 2021 during the month of June; The price of a barrel increased to $70.80, recording an increase of 108.3% over its value in the same month of last year.

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