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Iraq oil sector revenues exceed $115 billion by 2022

Oil revenues in Iraq in 2022 exceeded $115 billion. This was revealed in preliminary data released by the Egyptian Ministry of Petroleum.

Oil production accounts for about 90 percent of Baghdad’s revenue and the country is the second largest producer within the Organization of the Petroleum Exporting Countries (Opec).

90 percent of Baghdad’s revenue

“The total revenue from crude oil exports for the year 2022 is more than $115 billion,” Oil Minister Hayan Abdel Ghani said in a note. The country exported more than 1.2 billion barrels in 2022, an average of 3.3 million barrels per day, according to the statement.

The revenue follows a price spike after Russia invaded Ukraine in February 2022, and the subsequent reluctance of OPEC producers to increase production.

In October, the oil cartel decided to cut production quotas to maintain price levels, with a reduction of “two million barrels per day.”

After decades of conflict, Iraq faces chronic economic challenges and requires significant investment in infrastructure projects. Oil revenues and barrel prices are therefore crucial to the preparation of Baghdad’s annual budgets.