Oil large majority of Iraq’s 2015 export

ERBIL, Kurdistan Region (Kurdistan24) – The distribution of crude oil made up the majority of Iraq’s total exports in 2015, Iraq’s Ministry of Planning revealed on Saturday.

The Planning Ministry of Iraq announced that the total revenue of Iraq’s export in 2015 was IQD 57.6 trillion, which is equal to US $49.4 billion.

The ministry also mentioned that the transfer of crude oil made up 99.3 percent of the total Iraqi export in 2015.

In another part of the report, it shows that the revenue of Iraq’s oil in 2015 has decreased by 41.7 percent to IQD 57.6 trillion compared to the oil revenue in 2014 which was IQD 98.1 trillion.

The report also explains that the sharp reduction in oil prices was the main reason for the significant drop in revenue dollars. The statement added that the price of an oil barrel in 2014 was $91.6 whereas it decreased to $44.7 in 2015.

Iraq is considered among the world’s top five countries with proven oil reserves, estimated to have at least 140 billion oil barrels.

In April 2016, the Prime Minister of Iraq Haider al-Abadi stated that depending on oil as the main source of the country’s revenue in the last 50 years was ‘a big mistake.’

Currently, Iraq is suffering from a critical financial crisis due to the international drop in oil prices.

The country also suffers from a political turmoil as the government has failed to implement reforms. On May 20, protesters stormed into the Green Zone in Baghdad and entered government buildings, including the Iraqi parliament and Council of Ministers buildings.

Reporting by Mewan Dolamari
Editing by Karzan Sulaivany