Iraq Oil Revenues Top $115 Billion in 2022

Flare stacks burn in the Nahr Bin Omar oil field and facility in Iraq's southern Basra governorate on December 5, 2021. (AFP)
Flare stacks burn in the Nahr Bin Omar oil field and facility in Iraq's southern Basra governorate on December 5, 2021. (AFP)
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Iraq Oil Revenues Top $115 Billion in 2022

Flare stacks burn in the Nahr Bin Omar oil field and facility in Iraq's southern Basra governorate on December 5, 2021. (AFP)
Flare stacks burn in the Nahr Bin Omar oil field and facility in Iraq's southern Basra governorate on December 5, 2021. (AFP)

Iraq's oil revenues in 2022 exceeded $115 billion, according to preliminary figures announced by the oil ministry on Tuesday -- a four-year high following a collapse in prices during the coronavirus pandemic. 

Oil production accounts for some 90 percent of Baghdad's income, and the country is the second largest producer within the Organization of the Petroleum Exporting Countries (OPEC).  

"The total revenue from the export of crude oil for the year 2022 amounts to more than $115 billion," Minister for Oil Hayan Abdel-Ghani said in a statement. 

The country exported more than 1.2 billion barrels in 2022, averaging 3.3 million barrels per day, according to the statement. 

With a near total reliance on oil revenue to fund state spending, Iraq was hit by a collapse in prices at the beginning of the coronavirus pandemic.  

From $78.5 billion in 2019, oil revenues fell to $42 billion in 2020, according to official statistics. By 2021 they had risen back up to $75.6 billion.  

Following decades of conflict Iraq, faces chronic economic challenges and requires significant investment in infrastructure projects, making oil revenues and prices per barrel crucial data for Baghdad's preparation of annual budgets.  

Despite its oil riches Iraq, home to 42 million inhabitants, faces an energy crisis that sees regular power cuts and damaging electrical surges, known as load shedding.  

Neighboring Iran provides the country with one-third of its gas and electricity but deliveries are frequently interrupted, further aggravating the already-daily instances of load shedding.  

Last month the World Bank warned that Iraq, battered by climate change impacts from drought and water scarcity to rising temperatures, must diversify its economy and invest $233 billion by 2040 to embark "on a green growth path". 



Saudi Finance Minister: 2025 Budget Aims to Continue Expanding Strategic Spending

Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
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Saudi Finance Minister: 2025 Budget Aims to Continue Expanding Strategic Spending

Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
Al-Jadaan speaking at the press conference (Asharq Al-Awsat)

Saudi Finance Minister Mohammed Al-Jadaan outlined the objectives of the 2025 budget, emphasizing a continued focus on strategic spending for developmental projects aligned with sectoral strategies and Vision 2030 programs.
He added that the budget aims to support initiatives that deliver sustainable economic, social, and environmental benefits, while enhancing the business environment, improving the Kingdom’s trade balance, and increasing both the volume and quality of local and foreign investments.
Speaking at a press conference following the Cabinet’s approval of the budget, Al-Jadaan highlighted the government’s commitment to expansionary spending due to its positive impact on citizens. He noted that Saudi Arabia’s economy has become more resilient to fluctuations in oil markets, reflecting ongoing structural changes.
The non-oil economy is projected to grow by 3.7% by the end of 2024, he said, with non-oil activities contributing 52% to GDP during the first half of the current year.
The minister also revealed that since the launch of Vision 2030, non-oil revenues have increased by 154%. Oil’s share of GDP currently stands at 28%, and the nominal GDP has reached SAR 4.1 trillion, he remarked.

Moreover, Al-Jadaan said that private investment’s contribution to GDP has grown from 16% in 2016 to 24.7% today. The industrial sector is set to attract SAR 30 billion ($8 billion) in investments in 2025, alongside SAR 12.3 billion ($3.2 billion) in credit facilities to support Saudi exporters. Tourism has also emerged as a significant driver of economic growth, ranking as the second-largest contributor to the balance of payments after oil.
The Saudi minister emphasized the encouraging economic indicators, noting the surge in small and medium-sized enterprises driven by government spending. He reiterated the government’s cautious and conservative approach to budget preparation, reflected in revenue figures.
Structural changes in the Kingdom’s economy are beginning to yield tangible results, with a 33% increase in spending on strategies and programs aimed at achieving Vision 2030, according to Al-Jadaan. These efforts are expected to sustain economic growth, foster diversification, and further strengthen the Kingdom’s global economic standing, he stated.