Iraq exported over 103 million barrels of crude oil during December, at an average rate of 3.3 million barrels per day and an average price of $73.6 per barrel, according to the monthly report from the Iraqi oil ministry on Monday.
December marks Iraq’s lowest monthly revenue generated from oil sales throughout 2022, collecting 7.6 billion dollars. Last month’s earnings bring the country’s total yearly revenue to 115.5 billion dollars - a significant increase from 2021’s 75.6 billion dollars.
June is considered Iraq’s highest ever recorded gross amount from oil sales, earning over 11.5 billion dollars during that month, besting May’s 11.436 billion and March’s 11.07 billion - both deemed the country’s highest financial income from oil sales since 1972 at the time.
Oil revenue is Iraq’s main source of income, and the federal government relies on oil sales to cover its costs and pay the salaries of its civil servants.
Global oil prices soared in 2022 amid shortfall fears following Russia's invasion of Ukraine, with the US repeatedly urging members of the Organization for the Petroleum Exporting Countries (OPEC) to increase their oil production in efforts to stabilize the market. Iraq is also part of the agreement on production levels.
The ministers from the 13-nation OPEC group and Russian-led exporters met in Vienna in October and agreed to cut oil production by two million barrels per day starting from November.
The decision to cut oil production was largely criticized by the US, who relies mainly on oil imports to heat the country and wants to keep global prices low.
