Despite the double whammy of oil prices falling since April and reduced export volumes due to Opec-led production cuts (see p9), Iraq is on track to realize a sizeable annual increase in crude revenues. This year is on track to bring in $54bn-56bn, equivalent to $4.5bn-4.6bn per month, up 25% on 2016 (see chart)

2016’s $43.6bn was the lowest since 2009, despite Iraq exporting a record 3.31mn b/d of crude.

These numbers exclude around 530,000 b/d of crude independently exported by...