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Iraq is ninth in the world by possessing $15.9 trillion in natural resources
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Economy News - Baghdad
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Added 03/23/2024 - 5:11 PM
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Oil field worker
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Economy News - Baghdad
Iraq ranked ninth among the ten largest countries possessing the most valuable natural resource reserves, in terms of total estimated value for the past 3 years.
According to the Statista website, natural resources are the raw inputs used in making everything that is used, from intermediate goods to final products, and these resources are found in the ground among reserves that have not yet been extracted.
According to Statista estimates, Russia came in first place, with the value of its natural resource reserves amounting to $75 trillion. This amount includes coal, oil, natural gas, gold, timber, and rare earth minerals.
The United States came second, and the estimated value of its natural resources is estimated at about 45 trillion dollars, approximately 90% of which is wood and coal.
Iraq ranked ninth, as it possesses $15.9 trillion in natural resources, and its desert terrain contains oil, natural gas, phosphate and sulfur, according to the site.
Iraq is the second largest producer of crude oil in OPEC, ranks fifth in the world in possessing proven crude oil reserves, and relies on the export of crude oil to obtain a large amount of its revenues.
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