"The ministry achieved crude oil revenues of 75.65 billion dollars that beat expectations in the annual 2021 budget despite the health and economic challenges of the COVID-19 pandemic," Deputy Minister of Oil Karim Hattab said in a statement.
The 2021 revenues have helped cover a good percentage of the government's budget deficit in 2020, Hattab noted.
Stressing the importance of commitment of the OPEC+ countries to the stability of the oil markets, he expressed hopes that "balance between supply and demand will continue in the coming period."
In 2020, the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, together known as OPEC+, agreed to cut production by a record 10 million barrels per day (bpd) amid a pandemic-induced drop in demand and prices.
In July 2021, as demand increases, the OPEC+ agreed to boost oil production by 400,000 bpd starting December and to phase out the cut of 5.8 million bpd in oil production by September 2022.
Iraq used to export more than 100 million barrels per month with higher revenues, but the OPEC+ agreement to cut oil production and a dip in oil prices because of the impact of the COVID-19 pandemic on the global economy have combined to weaken the country's oil exports.
Iraq's economy heavily relies on crude oil export, which accounts for more than 90 percent of the country's revenues.
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