Iraq receives $115 billion in oil revenue year

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Iraq earned more than $115 billion in oil revenue last year, according to figures released this week by the country’s Oil Ministry.

This is due to crude oil exports of 1. 209 billion barrels last year, an average of 3. 32 billion barrels consistent with the day.

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Iraq said last October it had dismantled the largest oil smuggling network in Basra governorate. At the time, Prime Minister Mohammed Shiyaa Al-Sudani vowed to “track down oil smuggling networks and execute anti-gang arrest warrants that dared to borrow the rights. “of the Iraqis. “

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But smuggling has not stopped Iraq’s oil revenues from reaching their target four years after Russia’s invasion of Ukraine sent oil prices soaring.

As OPEC’s second-largest crude oil producer, generating 4. 5 million bpd in the third quarter, oil revenues account for all of Baghdad’s revenue.

Iraq’s oil revenues fell in 2020 to just $42 billion, according to Al-Monitor, as the Saudi and Russian oil price war collided with the onset of the Covid-19 pandemic, causing crude oil prices to plummet. In 2021, Iraq’s oil revenues recovered to $75. 6 billion.

Iraq is home to the world’s fifth-largest oil reserves, at 145 billion barrels, and is the third largest source of crude oil for China, Saudi Arabia and Russia.

By Julianne Geiger for Oilprice. com

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