Iraq ranks 5th in crude oil exporting countries

Baghdad (IraqiNews.com) – Iraq, the world’s fifth-largest oil producer, continues to have a key place in the oil export industry.

This makes Iraq the second-largest Middle Eastern exporter, with oil revenues predicted to have reached $111 billion in 2022, accounting for 7.62% of total exports. Iraq’s oil reserves remain a critical resource for its economy, despite its troubles according to Kuwait’s Al-Anba Daily.

Saudi Arabia topped the list, exporting $236 billion of oil in 2022, accounting for 16.2% of world oil exports. Trailing closely, Russia contributed to 9.14% of world oil exports in 2022, worth $133 billion. Canada finished third, while the United States was the world’s fourth largest crude oil exporter.

Crude oil is a fundamental component of the world economy, acting as a raw ingredient for a wide range of businesses.