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 Arabia Expands Efforts to Integrate into Global Supply Chains

Al-Falih speaking during the 28th Annual World Investment Conference in Riyadh (Asharq Al-Awsat)
Al-Falih speaking during the 28th Annual World Investment Conference in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Expands Efforts to Integrate into Global Supply Chains

Al-Falih speaking during the 28th Annual World Investment Conference in Riyadh (Asharq Al-Awsat)
Al-Falih speaking during the 28th Annual World Investment Conference in Riyadh (Asharq Al-Awsat)

Saudi Arabia is intensifying its efforts to secure access to essential materials, promote local manufacturing, enhance sustainability, and strengthen its participation in global supply chains. This follows Minister of Investment Khalid Al-Falih’s announcement of nine new agreements, alongside 25 additional deals under review, under the Global Supply Chain Resilience Initiative (Jusoor).
Speaking during the 28th Annual World Investment Conference in Riyadh, Al-Falih described these agreements as a major step toward building more resilient and efficient supply chains in the Kingdom.
He noted that the program, which reflects the vision of Crown Prince Mohammed bin Salman, forms part of the National Investment Strategy and is supported by government programs such as the National Industrial Development and Logistics Program (NIDLP).
Al-Falih highlighted Saudi Arabia’s plans to facilitate access to critical minerals, promote local manufacturing, and expand its footprint in global green energy markets. He emphasized that “green supply” is a fundamental pillar of the initiative, supported by investments in renewable energy.
The Kingdom aims to develop 100 new investment opportunities across 25 value chains, including projects in green energy and artificial intelligence (AI), he underlined.
The government is also offering incentives for companies to invest in special economic zones and aims to attract investments in emerging sectors such as semiconductors and digital manufacturing. Al-Falih stressed the importance of collaboration between public and private sectors in advancing Saudi Arabia’s Vision 2030 goals.
He reiterated the government’s full commitment to realizing this vision, with ministries continuing to support this strategic initiative focused on sustainable development and the localization of advanced industries.
Minister of Industry and Mineral Resources Bandar Al-Khorayef announced that Saudi Arabia has attracted over $160 billion in investments to its market—nearly triple previous figures. Capital in the mining sector has grown to $1 billion, while investments in mineral wealth have exceeded $260 million.
Al-Khorayef underlined the Kingdom’s commitment to building strong, reliable partnerships through strategies that prioritize supply chain development and sustainability. He identified the Jusoor initiative as a key mechanism for linking Saudi Arabia to global supply chains, tackling challenges such as energy transitions and the growing demand for critical minerals.
For his part, Minister of State and Cabinet Member Dr. Hamad Al-Sheikh, who also serves as Secretary-General of the Localization and Balance of Payments Committee, highlighted Saudi Arabia’s strategic investments in infrastructure, saying that these efforts aim to position the Kingdom as a leading global logistics hub.