UPDATE: October revenues rise, though oil exports decline
Strong global oil prices helped Iraq compensate for its second straight month of decreasing export rates.
On Nov. 26, the Oil Ministry released its final official statistics for October, updating its Nov. 1 statement of preliminary data for that month. It included numerous data point changes that impacted the original story. The new information is listed below, followed by the original story:
Final October 2018 federal Iraq exports data show an average 3.478 million bpd, an increase from the preliminary data. This included a total of 291,253 bpd from the North Oil Company, which is likely an accumulation of some of the crude sold via the now-ended trucking to Iran or, possibly, trucked crude from Qayarah to Turkey. Due to a write down of the average price per barrel that Iraqi crude was sold for down to $73.384 per barrel, however, federal government oil revenues settled at $7.908 billion, a decrease compared to the preliminary data.
Iraq’s federal government topped $8 billion in monthly oil revenue for the first time since May 2014, as strong global prices in October helped offset a reduction in exports.
The semi-autonomous Kurdistan region's exports, via Turkey, rose by seven percent, though an increase in heavy crude blending pushed down the API gravity of the oil.
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