Iraq again sets oil export record in 2019

Oil sales have jumped by 1 million bpd in the past five years, though future growth prospects are clouded by geopolitical uncertainty.
In mid-July 2019, workers from the state-owned Iraqi Drilling Company completed Well D-83 at the Gharraf oil field, operated by Malaysia's Petronas. (STAFF/Iraq Oil Report)

Iraq set an all-time record for annual oil sales in 2019, as the federal government and autonomous Kurdistan Regional Government (KRG) combined for an average 3.968 million barrels per day (bpd) of exports.

Oil revenues dipped compared to 2018, however, due to lower oil prices. The federal government reported $78.530 billion in 2019, with an average sale price of $61.05 per barrel, down from $83.919 billion the previous year, when Iraqi crude averaged $65.68 per barrel.

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