Iraq oil revenues top $115 billion in 2022

Iraq oil revenues top $115 billion in 2022 (115 Mrd. US$)

According to preliminary figures announced by the oil ministry Iraq’s oil revenues in 2022 exceeded $115 billion, which represent approx. 90 percent of Baghdad’s income. The country exported in 2022 more than 1.2 billion, averaging 3.3 million barrels per day.

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.

In Dec 2022 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“.

Source: France24

corresponding:

Dec. 09. 2022:

Xi Jinping Meets with Iraqi Prime Minister Mohammed Shia’ Sabbar al-Sudani

On the morning of December 9, 2022 local time, President Xi Jinping met with Iraqi Prime Minister Mohammed Shia’ Sabbar al-Sudani in Riyadh.

Xi Jinping noted that Iraq was one of the first Arab countries to establish diplomatic relations with the People’s Republic of China. Since the establishment of the strategic partnership between the two countries in 2015, China-Iraq relations have seen sound and stable development, and bilateral cooperation in various fields has made steady progress. China appreciates that Iraq has always firmly supported China on issues concerning China’s core interests, and China will continue to firmly support Iraq in safeguarding national sovereignty, independence and territorial integrity and back all factions in Iraq to strengthen unity and cooperation. China is ready to work hand in hand with Iraq to keep deepening the China-Iraq strategic partnership.

Xi Jinping noted that China will continue to support Iraq in economic reconstruction, and help Iraq recover its industry, improve people’s livelihood and achieve sustainable development. China believes that Iraq will continue to guarantee the security of Chinese personnel, institutes and projects. China appreciates Iraq’s active support for the Global Development Initiative, and welcomes Iraq to join the Global Security Initiative. China appreciates Iraq’s efforts to support and promote China-Arab collective cooperation, and is ready to work together with Iraq to implement various outcomes of the First China-Arab States Summit to take the China-Arab strategic partnership to a higher level.

Noting that exchanges between the civilizations of Iraq and China have a history of thousands of years, al-Sudani said China is a special friend of Iraq with friendly and solid bilateral relations. China is an example and a role model for developing countries. As an important player in the multipolar world, China advocates and practices common development and opposes colonial plunder. Iraq highly admires China’s great achievements in poverty alleviation and other areas, and is willing to learn from and draw on China’s successful experience. Iraq stands ready to be an important partner of China in promoting Belt and Road cooperation, and welcomes China to continue to actively participate in the construction of major infrastructure and energy projects in Iraq and increase investment in Iraq’s chemical, electricity and other areas. Iraq is willing to strengthen exchanges and cooperation with China on counter-terrorism and eradication of extremism. He has every confidence in the complete success of the upcoming First China-Arab States Summit to be held in the afternoon.

Source: Ministry of Foreign Affairs of The Peoples Republic of China

Foreign relations of Iraq