Record oil exports, but half the money

Iraq ended 2015 with its best two-month stretch of export volumes ever, but revenue is dropping along with the price of oil.
Record oil exports, but half the money
An oil tanker docks at the Mediterranean port of Ceyhan in Turkey in April 2015. (STAFF/Iraq Oil Report)

Iraqi oil exports averaged just over 3 million barrels per day (bpd) in 2015 – 3.36 million bpd if the autonomous Kurdistan region's independent exports are included in the tally – making Iraq OPEC's second-largest producer by a wide margin.

Low oil prices have weighed heavily on the country's finances, however. Even though annual oil exports increased by almost 20 percent over 2014, Iraq's oil revenue decreased by nearly 42 percent – down to $49.81 billion, according to the Oil Ministry.

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