Higher oil prices on the back of Russia’s invasion of Ukraine, tapering Opec+ oil production cuts and a caretaker government unable to tap into its oil windfall (MEES, 6 January) saw Baghdad end 2022 with record oil export revenues of over $115bn, more than $20bn higher than the previous high of $94bn set in 2012 (see chart 1).
Iraq Marks Oil Revenues Record In 2022
Key Opec member Iraq earned a record $115bn from 2022 oil exports as prices hit a nine-year high.
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Charts
1: Iraq’s Oil Export Revenues Hit A Record $115bn For 2022
2: Iraq’s Basrah Crude Exports By Destination (‘000 B/D): Europe Volumes Leapt 200,000 b/d For 2022
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