Iraq, the fifth-largest oil producer in the world, is still very important to the oil export sector.
With an estimated $111 billion in oil earnings in 2022—or 7.62% of total exports—Iraq is now the second-largest Middle Eastern exporter. Despite its problems, Iraq’s oil reserves are still a vital resource for its economy, according to Kuwait’s Al-Anba Daily.
With $236 billion in oil exports in 2022—or 16.2% of global oil exports—Saudi Arabia topped the list. Russia trailed closely behind, accounting for $133 billion or 9.14% of global oil exports in 2022. The United States was the fourth-largest crude oil exporter in the world, behind Canada in third place.
An essential part of the global economy, crude oil serves as a raw material for many different types of enterprises.
