Iraq Set for Record Oil Revenues

Iraq federal oil export revenues have set new monthly and quarterly records so far this year and are set to reach a record annual level.

• The 1H22 total of $61.54bn is already greater than the full year 2020 amount of $41.77bn largely due to the high market prices but also from higher production volumes.
• Production volumes have gradually increase since late 2020 in line with increasing OPEC quota targets. Iraq production increased 1% from May to June to an estimated 4.515mbpd compared to an OPEC target of 4.509mbpd.