Draw Media

The Iraqi government exported more than 1 billion barrels of oil in 2021, with revenues of 75 billion dollars, while the KRG exported more than 151 million barrels of oil, after extracting the coast of the production process, only 3 billion and 870 million dollars of revenue have left for the KRG.

First: Iraq's oil exports and revenues in 2021

According to data from the Iraqi ministry of oil in 2021, the Iraqi government exported 1 billion, 102 million, 188 thousand, and 981 barrels of oil through the Iraqi oil company SOMO. On average, Iraq exported 3 million, 19 thousand and, 520 barrels of oil daily. The Iraqi government's total revenue from oil sales was 75 billion, 650 million, and 606 thousand dollars.

Second: Iraq's exported oil source in 2021

According to the data, the total oil exported by the Iraqi government was 1 billion, 102 million, 188 thousand and, 981 barrels of oil. The oil is mostly exported from the oil fields in central and southern Iraq, particularly in Basra province, an area that produces the lion’s share of the crude exporting country’s oil. The Basra province alone exported 96.65 percent of all oil exports from Iraqi, which was 1 billion, 65 million, 414 thousand, and 695 barrels for more than 73 billion dollars.

The remaining amount of oil exports were from the fields in Kirkuk province, which were 36 million, 774 thousand, and 286 barrels. Its only 3.45 percent of all oil exports from Iraqi, with a value of only 2 billion, 449 million, 754 thousand, and 946 dollars.

Third: the KRG's oil revenues in 2021

The Kurdistan region's oil revenues, at the price of the international market

In 2021, the KRG has exported 151 million and 211 thousand barrels of oil. The average price of oil per year was 70.6 dollars. The value of the oil exported by the KRG was 10.6 billion dollars.

The KRG's oil sales and revenues, after extracting the coast of the production process and selling it at a lower price

On June 28, 2021, at a joint meeting between the Kurdistan Parliament and the Kurdistan Regional Government (KRG), Kamal Atrushi, minister of natural resources, announced that 58% of oil revenues would be spent on the companies and oil production costs, in a way that 20% goes for the cost of oil production and 14% goes for the oil companies and 6% for the transportation. What remains is for the compensation of the debts.

This is despite the fact that the region's oil is constantly sold for $10 less than the world markets, so after extracting the costs of the oil process and selling it for a cheaper price, only 3.8 billion dollars remains from selling 151 million and 211 thousand barrels of oil, while the amount of 5.3 billion dollars goes to the costs of the production process and companies’ loans.