Federal Iraqi crude export revenues have risen to their highest levels since late-2012 following five consecutive quarterly increases. The government took in $23.24bn over the course of 3Q 2018, up a massive 67% year-on-year and the highest since 4Q 2012’s $24.33bn (see chart 1). The last time revenues were this high, exports were 1mn b/d less than current levels.

It’s a combination of rising oil prices and record-high export volumes that have propelled revenues to these...