Iraq’s nationwide monthly exports increased by more than 5 percent in December, to 3.304 million barrels per day (bpd), ending a year that saw annual oil exports and revenues drop to multi-year lows.
Federal Iraq’s oil exports averaged 2.997 million bpd in 2020* – a 15 percent annual drop due to the OPEC-plus agreement. Annual oil revenues also declined due to a crash in global prices; Iraq earned just $41.926 billion, the lowest total in more than a decade.