Table 6.5: Iraqi oil export revenues according to OPEC, Iraqi Extractive Industries Transparency initiative (IEITI) and Development Fund for Iraq (DFI) (2003-2012) Oil Oil Value of oil OPEC Reference My Crude oil Crude oil IEITI Crude oil production exports exports Basket (ORB) and calculation exports DFI exports- (SOMO exports after – 1,000 b/d 1,000 ($millions) corresponding spot (export and (before 5% DFI (5% reporting) deducting b/d (OPEC components prices price) Kuwait Kuwait $million Kuwait 5% (my reporting) ($/b) Basra light $million deduction)* deductions calculation) $million included) $million $million 2003 1,377 388 7,990 26.60 3,777 - 3,726 - 3,588 2004 2,107 1,450 18,490 34.60 18,362 - 16,491 - 17,444 2005 1,853 1,472 19,773 48.33 26,038 - 21,914 - 24,736 30,765 2006 1,957 1,450 29,500 57.97 28,312 - 29,226 - 35,481 2007 2,035 1,460 37,300 66.40 - 35,883 - 33,707 2008 2,280 1,855 63,726 92.08 62,519 - 58,790 - 59,390 2009 2,336 1,906 39,430 60.50 42,204 41,329 37,016 41,329 40,094 2010 2,358 1,890 51,764 76.79 53,119 52,202 48,825 52,202 50,463 75,416 2011 2,652 2,166 83,253 106.17 84,167 80,796 82,986 79,958 89,154 2012 2,942 2,423 94,311 107.96 95,741 - - 90,954 *: 5% compensation for Kuwait invasion in 1990 (for more details, see Chapter Three) Sources: OPEC (2008; 2013), IEITI (2009; 2010; 2011)
Oil production 1,000 b/d Oil exports 1,000 b/d Value of oil exports ($millions) (OPEC reporting) OPEC Reference Basket (ORB) and corresponding spot components prices ($/b) Basra light My calculation (export and price) $million Crude oil exports – DFI (before 5% Kuwait deduction)* $million Crude oil exports- DFI (5% Kuwait deductions included) $million IEITI (SOMO reporting) $million Crude oil exports after deducting Kuwait 5% (my calculation) $million 2003 1,377 388 7,990 26.60 3,777 - 3,726 - 3,588 2004 2,107 1,450 18,490 34.60 18,362 - 16,491 - 17,444 2005 1,853 1,472 19,773 48.33 26,038 - 21,914 - 24,736 2006 1,957 1,450 29,500 57.97 30,765 - 28,312 - 29,226 2007 2,035 1,460 37,300 66.40 35,481 - 35,883 - 33,707 2008 2,280 1,855 63,726 92.08 62,519 - 58,790 - 59,390 2009 2,336 1,906 39,430 60.50 42,204 41,329 37,016 41,329 40,094 2010 2,358 1,890 51,764 76.79 53,119 52,202 48,825 52,202 50,463 2011 2,652 2,166 83,253 106.17 84,167 80,796 75,416 82,986 79,958 2012 2,942 2,423 94,311 107.96 95,741 - 89,154 - 90,954 Table 6.5: Iraqi oil export revenues according to OPEC, Iraqi Extractive Industries Transparency initiative (IEITI) and Development Fund for Iraq (DFI) (2003-2012) *: 5% compensation for Kuwait invasion in 1990 (for more details, see Chapter Three) Sources: OPEC (2008; 2013), IEITI (2009; 2010; 2011)