The Iraqi Minister of Oil, Hayan Abdul-Ghani, has announced revenues of more than $115 billion from exporting crude oil for the year 2022. More than 1,209 billion barrels of crude oil were exported, giving a daily export rate is approximately 3,320 million barrels per day (bpd).
The oil was bought by companies of various nationalities including Chinese, Indian, South Korean, Turkish, Greek, American, British, French, Russian, Italian, Spanish, Dutch and others, as well as other Arab companies.
In the first eleven months of 2022, Iraq’s budget revenues increased by 59% yearly to $100.9 billion, mainly due to the increase in oil prices.
As a result, the budget surplus increased significantly from $4.8 billion to $40.3 billion during the period compared to the previous year. Iraq's central bank foreign currency reserves too witnessed a surge, rising to $96 billion as of December 16, 2022.