Iraq reports record high oil revenue for second time in 2022

ERBIL, Kurdistan Region - Iraq profited over $11 billion dollars in oil revenue in the month of May, marking the second record set by the country since the beginning of the year, the oil ministry announced on Wednesday.

The profits of May amounted to $11.436 billion dollars, which is the highest profit recorded by Iraq since March, with the highest revenue before that being recorded in 1972.

According to the report, Iraq exported 102,303,020 barrels of oil, with the bulk of the exports coming from oil fields in central and southern Iraq , as well as a small portion exported through the Ceyhan port in Kirkuk.

In April, Iraq pocketed $10.55 billion and exported 101.4 million barrels of oil, marking an increase in exports compared to March's numbers.

The Iraqi government is dependent on oil revenues to cover its costs and pay the salaries of civil servants. Despite suffering in much of 2021 due to record low oil prices, the country's economy is once again on the rise as oil prices are increasing globally.

The increase in oil prices in April helped Iraq pay off the final installments of the Gulf War reparations to Kuwait in December.

Global oil prices have soared amid shortfall fears following Russia's invasion of Ukraine, with the US repeatedly urging members of the Organization for the Petroleum Exporting Countries (OPEC) to increase their oil production in efforts to stabilize the market. Iraq is also part of the agreement on production levels.