Iraq's revenue from oil exports reaches 90 billion $, SOMO

Shafaq News/ Iraqi oil revenues from crude oil reached 90 billion dollars in the first nine months of 2022.

According to the State Organization for Marketing of Oil (SOMO), Iraqi exported oil revenues amounted to 90,388,786 dollars. 70.6% more than the same period in 2021.

SOMO reported the highest revenue in May 2022 (11,477,514,000 dollars,) while in January, Iraq recorded the lowest income, reaching (8,322,679,000 dollars)

It is worth noting that Iraq is the second-largest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia. It holds the world's fifth-largest proven crude oil reserves. In addition, most of Iraq's major known fields–all located onshore–are producing or developing.

According to the World Bank, Iraq is one of the most oil‑dependent countries in the world. Over the last decade, oil revenues have accounted for more than 99% of exports, 85% of the government's budget, and 42% of gross domestic product (GDP).