Draw Media

The total oil revenue of the Kurdistan Region in the first quarter of 2022 increased by 42% compared to the first quarter of 2021. In a way that the revenue rose from $2.536 billion to $4.341 billion. And in the first quarter of 2022 compared to the first quarter of 2021 the net revenue returned to the KRG after deducting expenditures increased by 42% from $1.142 billion to $1.970 billion.

First, the revenue and amount of oil exported from December 1 to April 1

According to Deloitte, the Kurdistan Regional Government (KRG) sold 50 million 644 thousand and 230 barrels of oil through the Turkish port of Jayhan in the first quarter of 2021. According to the data the average crude oil price in that period was 50$ per barrel.

That means, the total revenue from oil sales through pipeline was (2 billion 536 million 358 thousand 78) dollars, but an average of (54.6%) of this revenue have spent to the cost of the process which was (1 billion 394 million, 149 thousand and 925 dollars. According to this, the net oil revenue of the Kurdistan Regional Government was 1 billion 142 million 208 thousand 154 dollars by 45.4% of the total income.

Second: The revenue and amount of oil exported from December 11 to April 1,

According to the statistics available to Draw Media, the Kurdistan Regional Government (KRG) in the first four months of 2022 sold 49 million 56 thousand barrels of oil through the Turkish Port and the average crude oil price in that period was 88$ per barrel. The total revenue from oil sales through pipeline was $4 billion, 341 million, 348 thousand and 280 dollars.

According to Deloitte's 2021 data, an average of 54.6 percent of revenue went to oil process expenditures. If we take the same amount of expenditure for the months of 2022, the amount of expenditure is (2 billion 370 million 376 thousand 161) dollars, thus (45.4%) of the total oil revenue, handed over to the Kurdistan Regional Government Kurdistan, which is (1 billion 970 million 972 thousand 119) dollars.

Third, compare oil revenues for the first four months of 2021 to 2022

The Kurdistan Regional Government (KRG) sold oil worth $2 billion 536 million 358 thousand 78 in the first four months of 2021.

However, in the first four months of 2022, the amount of revenue increased by 42%, so that the total value of oil sold was (4 billion 341 million 348 thousand 280) dollars.

This means that the revenue from oil exports increased by (1 billion 804 million 990 thousand 202) dollars.

Revenue received by the Kurdistan Regional Government

The Kurdistan Regional Government (KRG) has received $1 billion 142 million 208 thousand 154 from oil sales in the first four months of 2021.

However, in the first four months of 2022, the amount of revenue increased by (42%), so that the net oil revenue received by the Kurdistan Regional Government was (1 billion 970 million 972 thousand 119) dollars.

This means that the net oil revenue received by the Kurdistan Regional Government has increased (828 million 763 thousand 965) dollars.