Iraqi Oil Income Already Beats 2010 Total

Higher oil prices and rising exports in the first eight months of the year have meant Iraq has already earned more from crude oil exports in the first eight months of 2011 than in all of 2010.

The country generated $55.733 billion between January and August, compared to a total of $52.202 billion in all of last year, according to the State Oil Marketing Organization (SOMO).

Exports and prices have both been higher in 2011 than last year, resulting in the marked rise in revenues.

Crude exports in 2011 averaged 2.19 million barrels per day (bpd) until the end of August, compared to 2010 figures of 1.89 million bpd.

Average prices, meanwhile, have risen from around $90 per barrel in January to between $104 and $114 per barrel from March to August. By comparison, oil prices ranged from $71 per barrel to $86 per barrel in 2010.

The latest data show Iraq exported 67.9 million barrels of oil in August, earning revenues of $7.124 billion, at oil prices averaging $104.92. This figures differ slightly from those reported by AKnews earlier this month.

According to Middle East Online, that compares to overall exports of 55.4 million barrels during the same month a year ago, earning income of $3.957 billion.

(Sources: Middle East Online, SOMO)

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