Photo: AFP/Asaad Niazi
Eurasia
23/01/2024 09:28
Iraq earned $97.6 billion from oil sales in 2023, a significant drop from the record $115 billion in 2022. In December, Iraq exported more than 108 million barrels of oil, averaging 3.4 million barrels per day at an average price of $77 per barrel.
The revenues from December brought Iraq's total annual revenue to $97.6 billion, down roughly $18 billion from 2022, although the revenue at the time was mainly driven by a surge in global oil prices amid fears following Russia's invasion of Ukraine. Additionally, the decline in annual revenue was partly due to the halt of Kurdish oil exports in April.
There are many aspects of the Chinese economy that are interesting. The most striking thing about the economy from a Western perspective is that while the Chinese economy is a market-based economy insofar as prices are set by the market, investment in China remains tightly controlled by the government.
The West's response to the challenge of a rising China is bloc formation, which is not in the interest of smaller countries. It would be advisable to change the sanctions regime and focus on mutually beneficial, win-win cooperation.