In 2015 in Iraq, the Iraq Oil Ministry announced it exported 1.097 billion barrels of oil in 2015 and this generated $49.079 billion in oil sales revenue.
Iraq sold 99.7 million barrels of oil in December, generating $2.973 billion which comes after selling a record 100.9 million barrels in November, said oil ministry spokesman Asim Jihad. The country sold at an average price of $44.74 a barrel in 2015.
Iraq needs to keep increasing crude output because lower oil prices have curbed government revenue.
With the oil prices dropping so dramatically, Iraq is counting to increase production in line with Saudi Arabia and other OPEC nations in order to defend losing any market share against production in the U.S.
OPEC’s second-largest crude producer is facing a potential slowdown in investment due to lower oil prices but with the escalating costs of fighting the Daesh (Islamist militants) who current control larges parts of the northwest of Iraq.
However with oil generating the majority of income in the country, even with a predicted sustained period of low oil price in 2016 and lower investment, Iraq will still remain one of the most active countries in the oil industry for the year ahead.