Iraq: more than 115 billion$ of oil revenues in 2022

Last Update: 2023-01-03 00:00:00 - Source: Shafaq News

Shafaq News/ Iraq achieved revenues of more than $115 billion from exporting crude oil in 2022.

On Tuesday, Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani announced statistics on crude oil in Iraq for the year 2022. The data shows:

- The total revenues from exporting crude oil are more than 115 billion dollars.

- More than 1.209 billion barrels of crude oil were exported ( 3.32 million bpd.

- Arabic, Chinese, Indian, South Korean, Turkish, Greek, American, British, French, Russian, Italian, Spanish, and Dutch companies were affiliated with exporting oil.

It is worth noting that Iraq is the second-largest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia. It holds the world's fifth-largest proven crude oil reserves. In addition, most of Iraq's major known fields–all located onshore–are producing or developing.

According to the World Bank, Iraq is one of the most oil?dependent countries in the world. Over the last decade, oil revenues have accounted for more than 99% of exports, 85% of the government's budget, and 42% of gross domestic product (GDP). This excessive dependence on oil exposes the country to macroeconomic volatility, while budget rigidities restrict fiscal space and any opportunity for countercyclical policy.