Iraq’s December exports of 3.73mn b/d smashed the previous high. Key expansions mean Baghdad will break this mark in 2019 despite Opec output commitments.

 

Iraqi oil export revenues came in at $83.7bn for 2018, up a massive 41% versus 2017’s $59.5bn.  This four-year high was achieved thanks to the combination of record high export volumes and substantial oil price gains. Unfortunately for Baghdad, a repeat looks unlikely for 2019 with oil prices entering the year...