Iraq generates $115 billion from crude oil exports during 2022

A general view shows an Iraqi national flag flown in front of excess gas as its being burnt off, at a pipeline in the newly opened section of the oil refinery of Zubair, southwest of Basra in southern Iraq, on March 3, 2016. (AFP photo)

SULAIMANI (ESTA) — Oil-rich Iraq has generated more than $115 billion from crude oil exports during 2022, according to the Oil Ministry.   

“The total revenues generated from the export of crude oil for 2022 amounted to more than $115 billion, according to preliminary statistics,” said the Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani.

The official further added that the exported quantities of crude oil amounted to more than 1 billion and 209 million barrels.

During the year, the daily rate of oil export stood at 3 million and 320 thousand barrels per day, according to the official’s words.

“The export operations were carried out according to studies of the oil market for companies of various nationalities,” he continued.

Iraq’s economy heavily relies on crude oil exports, which account for more than 90 percent of the country’s revenues.

Moreover, in 2022,  Iraq’s foreign exchange reserves surpassed $90 billion, hitting a “historic” record.

The country’s foreign exchange reserves have increased thanks to the rise in oil prices in the global markets since the outbreak of the Russia-Ukraine war, benefiting Iraq as an oil exporter country, said hsan al-Yaseri, an advisor of the Iraqi central bank, in September.



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