Iraq's oil revenues reached more than $115 billion last year, according to preliminary figures issued by the Ministry of Oil. This marks the highest value since the significant decline in oil prices during the COVID-19 pandemic.
Iraq, the second largest oil producer in the Organisation of the Petroleum Exporting Countries (OPEC), has huge reserves of black gold, which accounts for 90 per cent of its revenues.
According to a statement issued by the Iraqi Ministry of Oil, Iraq has achieved "more than $115 billion in crude oil exports for the year 2022,exporting more than 1.2 billion barrels, averaging 3.3 million barrels per day."
Iraq's record oil revenues come after the spike in oil prices following Russia's war in Ukraine, and OPEC Plus decision in October to cut production quotas to maintain price levels, with a reduction of "two million barrels per day".
Due to its heavy dependence on oil, Iraq's revenues and budget took a hit after prices fell in the global market during the pandemic.
Oil revenues fell from $78.5 billion in 2019 to $42 billion in 2020, but rose to $75.6 billion in 2021.
Despite its oil wealth, Iraq faces a daily energy crisis and imports about a third of its gas and electricity needs from neighbouring Iran.
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