Iraq is benefiting from the rise in oil prices: the country has reached its highest level of revenue in five decades. The oil sector accounts for 90 percent of Iraq’s national budget.
After the rise in oil prices due to the Ukraine war, Iraq claims it has achieved its highest oil export revenues in 50 years.
In March, the country exported more than 100 million barrels worth 11.07 billion dollars (around 10 billion euros), the Iraqi Oil Ministry said on Friday evening. These are the highest revenues since 1972. Exports were around 3.2 million barrels a day.
Heavy dependence on the oil business
Hardly any other country in the world is as heavily dependent on oil revenues as Iraq. The oil sector accounts for more than 90 percent of Iraq’s national budget. Unlike its regional neighbors Kuwait or the United Arab Emirates, Iraq has so far not managed to secure part of the income from the oil business in a sovereign wealth fund.
Iraq has been grappling with a political and economic crisis for several years. The corona pandemic and falling oil prices have exacerbated this situation. In addition, the country is politically stuck: Since the parliamentary elections six months ago, the largest blocs have not been able to agree on a new president and prime minister. Since autumn 2019, there have been protests in the country against corruption and the poor economic situation, among other things.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
