Iraq’s oil revenues in 2022 exceeded $115 billion, according to figures announced by the country’s oil ministry.
“The total revenue from the export of crude oil for the year 2022 amounts to more than $115 billion,” Iraq’s minister for oil Hayan Abdel-Ghani said in a statement on Tuesday.
This is a four-year high following a collapse in prices during the Covid-19 pandemic.
Iraq is the second largest producer of oil within the Organization of the Petroleum Exporting Countries (OPEC).
Oil production accounts for about 90 percent of Baghdad’s income.
The country exported more than 1.2 billion barrels in 2022, averaging 3.3 million barrels per day, according to the statement.
Oil prices have seen a big spike following Russia’s invasion of Ukraine in February 2022, and OPEC producers’ subsequent reluctance to increase production.
In October OPEC Plus decided to cut production quotas to maintain price levels, with a reduction of two million barrels per day.
Iraq was hit by a collapse in prices at the beginning of the pandemic, with revenues from oil exports falling to $42 billion in 2020 from $78.5 billion in 2019.
By 2021, the country’s oil export revenues reportedly jumped back up to $75.6 billion.
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