How much is all the oil in Iraq worth?

The total value of Iraq potential oil reserves at an average profit of $75 per barrel over next 100 years is 360 billion x $75 = $27 trillion or $900,000 per capita, making every Iraqi a millionaire.

How much money does Iraq make of oil per year?

Revenue collection

Year Crude oil export revenues (USD million)
2014 84,129.8
2015 49,058.2
2016 43,622.9
2017 60,461.4

How much oil is under Iraq?

Iraq has 112.5 billion barrels of proven oil reserves, or about 10 percent of the world’s known remaining oil–making it a distant second to Saudi Arabia, which possesses some 300 billion barrels, or one-quarter of the world’s known reserves.

Who owns most of the oil in Iraq?

Iraq Petroleum Company

Native name شركة نفط العراق Türkiye Petrol Şirketi
Successor Iraq National Oil Company
Headquarters London , United Kingdom
Areas served Iraq Middle Eastb
Owners BP Royal Dutch Shell ExxonMobil Total S.A. Partex

How much of Iraq GDP is from oil?

The oil industry dominates the Iraqi economy. Oil contributes 60% of GDP, 99% of exports and over 90% of Government revenue. 1 This dominance will increase in future years as oil production and exports rise.

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Why is Iraq Rich?

The economy of Iraq is dominated by the oil sector, which has provided about 99.7% of foreign exchange earnings during its modern history. As of 2021, the oil sector provides about 92% of foregin exchange earnings. … It had become the third-largest economy in the Middle East by 1980.

How much oil does Iraq sell a day?

Summary Table

Barrels per Day Global Rank
Oil Production 4,443,457 6th in the world
Oil Consumption 857,000 26th in the world
Daily Surplus + 3,586,457
Oil Imports 1

Which country is the richest oil country in the world?

Oil Reserves by Country

# Country World Share
1 Venezuela 18.2%
2 Saudi Arabia 16.2%
3 Canada 10.4%
4 Iran 9.5%

Does Iraq sell oil to the US?

The United States imported an average of 177,000 barrels of petroleum per day from Iraq in 2020.

Who has the most oil in the world?

Venezuela has the largest amount of oil reserves in the world with 300.9 billion barrels. Saudi Arabia has the second-largest amount of oil reserves in the world with 266.5 billion barrels.

Who buys Iraq oil?

An advisor to Iraqi Prime Minister Mustafa al-Kadhimi has said that nearly half of the country’s oil exports go to China, making China the number one market for Iraqi oil.

How much oil does Iraq export?


Population (million inhabitants) 40.15
Proven crude oil reserves (million barrels) 145,019
Proven natural gas reserves (billion cu. m.) 3,714
Crude oil production (1,000 b/d) 3,996.6
Marketed production of natural gas (million cu. m.) 7,374.1
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Which currency is used in Iraq?

The Iraqi dinar is divided into 20 dirhams and is the equivalent of 1,000 fils. The Central Bank of Iraq has the sole authority to issue banknotes and coins in Iraq. Banknotes are issued in denominations ranging from 250 to 50,000 dinars.

Is Iraq richer than India?

Iraq has a GDP per capita of $16,700 as of 2017, while in India, the GDP per capita is $7,200 as of 2017.

Was Iraq rich under Saddam Hussein?

Iraq was a wealthy nation throughout the ’70s and ’80s, despite the fact that it underwent an eight-year long war with its neighboring nation, Iran. … Historically, Kuwait was a part of Iraq, and Saddam used this fact to cover up his blood-thirst.

Is Iraq a third world country?

Yes Iraq is a third world country. Back in the 60s and 70s, the country was considered as a second world country as a result of the stability and safety of the country as well as the strong economy as seen in the gross national income. It was also quite involved in a number of international committees.