Draw Media

In the first quarter of 2022, the KRG sold more than 36 million and 400 thousand barrels of oil through the Jayhan port to six different countries.

After selling each barrel for $ 11 less than the international market, the value of the KRG oil was more than $ 3 billion and $ 200 million. 56 percent of that which, is $ 1 billion and $ 800 million went to the production costs, and only 44 percent of the revenue returned to the KRG which is one billion and 400 million dollars.

First: exporting the Kurdistan region's oil in the first quarter of 2022

From the beginning of 2022 to the end of March of the same year, the KRG exported 36 million and 460 thousand barrels of oil through the Kurdistan region's oil pipeline. The daily average of oil exported was 405,177 barrels.

In January 2022, KRG exported 414,839 barrels of oil per day, totaling 12 million and 860 thousand barrels per month.

In February, KRG exported 407,143 barrels of oil per day, totaling 11 million 400 thousand barrels per month.

Meanwhile, in March, the KRG exported 12 million and 200 thousand barrels of oil, an average of 393,548 barrels per day.

Second, the price of the region's sold oil in the world markets

The average price of Brent crude oil was more than $ 117 in March. For the three months, The average price of Brent crude oil was more than 100 dollars.

According to Deloitte's reports in 2021, the KRG has sold its oil for less than $ 11-12 on average.

In January 2022, when the average oil price was recorded at $86.51, if the KRG sold oil for less than $11 per barrel, the KRG oil price would be only $75.51 per barrel for that month.

But in February, the average oil price rose to $97.13, so the KRG sold its oil for $86.13

While a significant rise was recorded in March and oil prices reached an average of $117.7, the KRG sold each barrel of oil for more than $106.

Third: the Kurdistan region's oil revenues and expenditures in the first quarter of 2022

As we mentioned earlier, the KRG exported 36 million and 460 thousand barrels of oil in the first quarter of 2022, on average, each barrel of oil sold for about $90, While the average price of a barrel of oil was more than $100, the total revenue earned by selling oil through the pipelines was 3 billion, 254 million, and 680 thousand dollars.

In January, total oil revenues were $971 million and $58 thousand.

In February, total oil revenues were $981 million and $822 thousand.

In March, the highest income came from oil sales, compared to the month and even previous years, which were one billion, 301 million, and 740 thousand US dollars.

According to Deloitte’s latest reports to audit the Kurdistan Region's oil process in 2021, 56% of oil revenues go to the process expenditures, so the total revenue spent during the first quarter of 2022 on the oil process was $1 billion, 822 million, 621 thousand and 136 US dollars.

The total revenue left for the KRG during the first quarter of 2022 is one billion, 432 million, 59 thousand, and 464 US dollars.

Fourth: the Kurdistan region's oil customers in the first quarter of 2022

The region's oil was loaded by six different country ships in the first quarter of 2022, the Italian ships loading the region's highest oil from the Turkish port of Jayhan at a rate of 37 percent. After that, the Greek ships loaded the region's oil with 27%, followed by the Israelis (15%), Croatians (7%), Spanish (4%), and Romanians with 2%.