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Iraq oil revenues hit 115 bln USD in 2022

BAGHDAD
2023-01-04 03:05

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BAGHDAD, Jan. 3 (Xinhua) -- Iraqi Minister of Oil Hyan Abdul Ghani said on Tuesday that oil exports in 2022 brought in revenues of more than 115 billion U.S. dollars.

A statement by the ministry quoted Abdul Ghani as saying that the country exported more than 1.209 billion barrels in 2022, averaging 3.32 million barrels per day.

Oil prices have risen in global markets since the outbreak of the Russia-Ukraine crisis in February last year, benefiting Iraq and other oil-exporting countries.

However, oil prices witnessed a decline in the past few months because of fears of declining demand for oil in global markets.

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