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Iran earns $5bn annually from joint oil fields with Iraq

Workers work on an oil pipeline in the Tawke oild field, Iraq [file photo]
Workers work on an oil pipeline in the Tawke oild field, Iraq [file photo]

The National Iranian Oil Company announced that Tehran’s revenues from the joint oil fields with Iraq amounted to $5 billion annually.

According to the government run IRNA news agency, the Iranian Oil Ministry announced that 300,000 barrels are produced in the oil fields west of the Karun River per day.

Iraq and Iran have been ranked as the second and third largest producers of oil in the Organisation of the Petroleum Exporting Countries (OPEC).

Five Iraqi oil fields are located on the border with Iran, while the two countries share five other fields, it is estimated that they hold some 95 billion barrels of crude oil.

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IranIraqMiddle EastNews
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