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On January 1, 2016, Iraq's Ministry of Oil revealed that the country exported a total of 1.
097 billion barrels of oil in 2015, with sales revenue of $49.
079 billion
.
Iraqi Oil Ministry spokesman Asim Jihad noted that the country sold 99.
7 million barrels of oil in December for $2.
973 billion in revenue, after selling a record 100.
9 million barrels in November, with crude oil selling at an average price of $44.
74/b
throughout 2015.
Iraq has the fifth largest oil reserves in the
world.
As the continued decline in international oil prices has reduced the country's financial resources, Iraq has had to continue to increase output
.
Crude oil prices have fallen by more than 30 percent in the past year, and OPEC has adopted a hard-line strategy
of not cutting production in order to compete for market share and limit oil production from the United States.
Within OPEC, Iraq is the second-largest producer of crude oil
.
Iraq is facing a slowdown in oil investment due to lower oil prices, while also having to prop up expensive military spending to fight Islamic extremists, which now occupy large areas
of the northwest of the country.
Morgan Stanley said in a Sept.
2 report that Iraq's oil output is expected to decline from 2018, after Dalmore had predicted that Iraq's oil output would increase
year by year until 2020.
On January 1, 2016, Iraq's Ministry of Oil revealed that the country exported a total of 1.
097 billion barrels of oil in 2015, with sales revenue of $49.
079 billion
.
Iraqi Oil Ministry spokesman Asim Jihad noted that the country sold 99.
7 million barrels of oil in December for $2.
973 billion in revenue, after selling a record 100.
9 million barrels in November, with crude oil selling at an average price of $44.
74/b
throughout 2015.
Iraq has the fifth largest oil reserves in the
world.
As the continued decline in international oil prices has reduced the country's financial resources, Iraq has had to continue to increase output
.
Crude oil prices have fallen by more than 30 percent in the past year, and OPEC has adopted a hard-line strategy
of not cutting production in order to compete for market share and limit oil production from the United States.
Within OPEC, Iraq is the second-largest producer of crude oil
.
Iraq is facing a slowdown in oil investment due to lower oil prices, while also having to prop up expensive military spending to fight Islamic extremists, which now occupy large areas
of the northwest of the country.
Morgan Stanley said in a Sept.
2 report that Iraq's oil output is expected to decline from 2018, after Dalmore had predicted that Iraq's oil output would increase
year by year until 2020.
