Iraq rakes in record $115.7 billion in 2022 oil revenue

High global prices led to record annual oil revenues for both the federal government and the KRG.
A worker stands at the al-Basra Oil Terminal (ABOT), one of Iraq's major export outlets, February 2010. (BEN LANDO/Iraq Oil Report)

Iraq's federal government earned record revenues of $115.657 billion from oil sales in 2022, some $40 billion above 2021 earnings as the gradual easing of OPEC-plus quota restrictions coincided with near-record global oil prices caused by the war in Ukraine.

Nationwide exports jumped to an average of 3.710 million barrels per day (bpd) in 2022, up from 3.437 million bpd in 2021 and 3.436 million bpd in 2020.* Iraqi exports are still below the volumes achieved between 2016 and 2019, which averaged over 4 million bpd in some months during that period.

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