Iraq oil exports and revenue up in December, but down year-on-year

Oil exports ended 2020 on a relative high note, but the year saw federal Iraq post its lowest annual export volumes since 2014 and worst revenue total in more than a decade.
Tankers dock at the al-Basra Oil Terminal. (BEN LANDO/Iraq Oil Report)

Iraq's nationwide monthly exports increased by more than 5 percent in December, to 3.304 million barrels per day (bpd), ending a year that saw annual oil exports and revenues drop to multi-year lows.

Federal Iraq's oil exports averaged 2.997 million bpd in 2020* – a 15 percent annual drop due to the OPEC-plus agreement. Annual oil revenues also declined due to a crash in global prices; Iraq earned just $41.948 billion, the lowest total in more than a decade.

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