Iraq’s oil export revenues in 2022 exceeded 115 billion USD
Baiji oil refinery, north of Baghdad. Photo: Reuters
Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil revealed on Tuesday it achieved more than 115 billion USD from crude oil exports in 2022, according to a statement of Oil Minister Hayyan Abdul-Ghani cited by the Iraqi News Agency (INA).
“According to initial statistics, the total revenues achieved from crude oil exports during 2022 exceeded 115 billion USD,” Abdul-Ghani said.
Abdul-Ghani explained that crude oil quantities exported during the past year were more than 1.2 billion barrels.
The Iraqi Oil Minister indicated that the daily oil export rate was approximately 3.32 million barrels per day during 2022.
“Iraqi crude oil is exported to companies in different countries, including China, India, South Korea, Turkey, Greece, The United States, Britain, France, Russia, Italy, Spain, the Netherlands, as well as other Arab countries.
Iraq is one of the major countries in terms of oil production and exports, as it is the largest producer in OPEC after Saudi Arabia, with a daily average of 4.6 million barrels.
Oil revenues represent more than 90 percent of Iraq’s general budget resources, but the large oil country has been suffering from major crises, poverty and high percentage of unemployment since the U.S. invasion in 2003.