Iraq’s economy is driven by revenues from crude oil exports to global markets, and these are sputtering this year as prices have fallen due to economic uncertainty. MEES calculates that crude export revenues are set to fall by $11bn this year to a four-year low of $84bn. Realized export prices are set to average $9.3/B below last year’s $76.92/B.
This is a far cry from 2022 when the disruption caused by Russia’s invasion of Ukraine drove up oil prices, resulting in record export revenues of $116bn (see chart 1). The steady downwards drift of oil prices since then has caused revenues to fall each year since 2022. Improved compliance with Opec+ commitments also means that production will fall this year despite the unwinding of production cuts since April (MEES, 12 December). (CONTINUED – 1813 WORDS)
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