How many barrels of oil does Iraq have?
How many barrels of oil does Iraq have?
143,069,000,000 barrels
Iraq holds 143,069,000,000 barrels of proven oil reserves as of 2016, ranking 5th in the world and accounting for about 8.7% of the world’s total oil reserves of 1,650,585,140,000 barrels. Iraq has proven reserves equivalent to 457.4 times its annual consumption.
How much oil is there in 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.
How much oil does Iraq produce 2020?
Iraq’s oil production amounted to roughly 4.1 million barrels per day in 2020, down from 4.8 million barrels per day in the previous year.
Which country is the largest refiner of oil?
United States
United States oil refining In 2020, oil refinery capacity in the United States amounted to approximately 18.1 million barrels per day, while the actual refinery throughput was 14.2 million barrels of oil per day. They have consistently maintained the largest oil refinery capacity of any nation worldwide.
How much money does Iraq make off of oil?
Oil continues to dominate Iraq’s economy. As of 2018, oil is responsible for over 65 per cent of GDP, 90 per cent of government revenue. Petroleum constitutes 94% of Iraq’s exports with a value of $59.73 billion in 2017.
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.
Who buys most of Iraq oil?
China and India each imported almost 1 million b/d of crude oil from Iraq (nearly half of Iraq’s total exports), making them the top buyers of Iraq’s crude oil during the year. Outside of Asia, the United States imported the most crude oil from Iraq at 331,000 b/d (8% of Iraq’s total exports).
Does the US own oil in Iraq?
Baghdad, Iraq – While the US military has formally ended its occupation of Iraq, some of the largest western oil companies, ExxonMobil, BP and Shell, remain. According to the US Energy Information Administration (EIA), Iraq’s oil reserves of 112 billion barrels ranks second in the world, only behind Saudi Arabia.
Does Saudi Arabia refine oil?
Saudi Aramco, a Saudi Arabia-based international petroleum company, constructed a 400,000 barrels-per-day (bpd) full-conversion refinery at Yanbu in 2016. Yanbu is an important Red Sea port in the Al Madinah province of Saudi Arabia. The refinery is estimated to cost $12bn and is spread over 5.2 million square metres.
How much is Dangote refinery worth?
Dangote Refinery Complex in Nigeria Set to Cost $19 Billion.
Was Iraq rich country?
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.
Who owns Iraqi oil?
Iraq’s natural resources are 100% state-owned. The state-owned enterprise SOMO sells oil and gas on behalf of the state.