Iraq’s oil export revenues dropped from a record $116bn in 2022 (MEES, 6 January 2023) to $98bn in 2023. With the market adapting last year to the impact of Russia’s invasion of Ukraine, oil prices eased and demand-side concerns took hold instead. Iraq’s $18bn fall was driven by a $17/B reduction in the realized crude oil price secured by state marketer Somo; from a nine-year high $95.6/B in 2022 to $79.1/B in 2023 (see chart 1).