• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 6 hours The United States produced more crude oil than any nation, at any time.
  • 11 hours China deletes leaked stats showing plunging birth rate for 2023
  • 5 days Bad news for e-cars keeps coming

Iraq Sees $115 Billion From Oil Revenue Last Year

Iraq raked in more than $115 billion in oil revenues last year, according to figures released by the country’s oil ministry this week.

That figure stems from crude oil exports of 1.209 billion barrels last year, or an average of 3.320 million barrels per day.

The figures were released a day after Iraq’s National Security Agency said that investigations into crude oil and oil products smuggling to the tune of roughly 470,000 barrels per month are ongoing, with 49 standing accused, including officers, associates, traders, and smugglers.

Iraq said last October that 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 implement arrest warrants against gangs that dared to steal the rights of Iraqis.”

The smugglers stole and smuggled the oil by making holes in crude oil export lines in the Zubair oilfield. Some of the accused are senior officers from the Energy Police Forces tasked with protecting the oil infrastructure.

But the smuggling didn’t stop Iraq’s oil revenues from reaching what was a four-year high after Russia’s invasion of Ukraine sent oil prices higher.

As OPEC’s second-largest crude oil producer, generating 4.5 million bpd in Q3, oil revenues account for nearly all of Baghdad’s income.

Iraq’s oil revenues fell in 2020 to just $42 billion, according to Al-Monitor, as Saudi Arabia and Russia’s oil price war collided with the start of the Covid-19 pandemic, tanking crude oil prices. In 2021, Iraq’s oil revenues rebounded to $75.6 billion.


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

By Julianne Geiger for Oilprice.com

More Top Reads from Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News