Iraq earns over $115 billion from oil sales in 2022
ERBIL (Kurdistan 24) – The Iraqi Ministry of Oil on Tuesday announced that Iraq had earned more than $115 billion from the sale of over 1.2 billion barrels of oil last year.
Iraq exported more than 3 million barrels of oil on a daily average, according to the ministry’s report.
June marked the highest single-month record oil sales–$11.5 billion–due to the global rise in demand in light of the Russia-Ukraine war.
In 2022, Iraq generated the lowest amount of revenues from oil sales in December, receiving $7.6 billion from selling more than 103 million and 280,000 barrels of oil.
In total, Iraq collected $115.5 billion, a sharp increase from last year’s earnings of $75.6 billion.
Oil sales make up more than 90 percent of Iraq’s budget, which pays the country’s bloated public payroll.
As one of the founding members of the Organization of the Petroleum Exporting Countries (OPEC), Iraq joined other members in cutting the daily oil production by two million barrels of oil over market stability concerns.
Beginning in November, the producer’s cut caused great tensions between the long-standing allies, Saudi Arabia and the US.