Iraq to earn more than $97 billion in oil revenues in 2023
In 2023, Iraq has earned more than $97 billion from oil sales. This is a significant drop from 2022 figures, largely due to the halt of Kurdish oil exports in April.
Iraq to earn more than $97 billion in oil revenues in 2023
The Economics of Geography

Iraq to earn more than $97 billion in oil revenues in 2023

Photo: AFP/Asaad Niazi
Eurasia 23/01/2024 09:28

In 2023, Iraq has earned more than $97 billion from oil sales. This is a significant drop from 2022 figures, largely due to the halt of Kurdish oil exports in April.

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.

AFP/Hussein Faleh
The Kurdistan Region's oil exports via the Turkish port of Ceyhan have not yet resumed. Shipments were suspended at the end of March after a Paris-based court ruled that Ankara had breached a 1973 pipeline agreement with Baghdad.
#Iraq
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