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". 



Lebanon Bonds Rally to Fresh Two-year High on Ceasefire Hopes

A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
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Lebanon Bonds Rally to Fresh Two-year High on Ceasefire Hopes

A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir
A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020. REUTERS/Mohamed Azakir

Lebanon's deeply distressed sovereign dollar bonds hit a fresh two-year high on Tuesday as investors bet that a potential ceasefire with Israel could improve the country's prospects.

The bonds, which are still trading below 10 cents on the dollar, have gained more than 3% this week. The 2031 maturity was biding at 9.3 cents on the dollar, its highest since May 2022, according to Reuters.

"Some investors are mulling if it is a right time to buy, since a ceasefire is the first step needed to at some point in time restructure bonds," said Bruno Gennari, emerging markets strategist with KNG Securities International.

Israel's cabinet is expected to convene on Tuesday to discuss, and likely approve, a US plan for a ceasefire with the Iran-backed Hezbollah, a senior Israeli official said.

Israeli airstrikes, which continued on Tuesday, have decimated Lebanon's infrastructure and killed thousands.

But the counterintuitive rally, the second since Israel began bombing the country in September, was driven by bets that the deal could jolt Lebanon's fractured political system and revive efforts to pull the country out of default.