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Last Month the KRG Has Sold a Barrel of Oil for $85

Last Month the KRG Has Sold a Barrel of Oil for $85

2022-03-02 11:43:15


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Last February, the Kurdistan regional government sold 11 million barrels of oil for 85 dollars, and the region's oil revenues in February were a trillion and 400 billion dinars, which remained 589 billion dinars for the government, with internal and allied revenues giving 784 billion dinars.

 

Non-oil income

• The region's non-oil revenues for February = (164 billion) dinars (only for government expenditures because domestic income is more than 350 billion dinars per month)

• Coalition assistance for Peshmerga forces = (31 billion 500 million) dinars

The region's share in Iraq's budget section = no amount of money has come

 

Oil revenues (pipeline export)

• In February 2022, the Kurdistan Region exported 11 million and 404,000 barrels of oil through the Turkish port of Jihan, which provides 407,285 barrels daily for 28 days in February.

• The average price of Brent oil for February is $ 96.85.

• Because the region sells its oil for less than $12, it has sold an average of $84.85

So, (11 million and 404 thousand) barrels X (84.85) dollars = (967 million, 629 thousand and 400) dollars.

In IQD would be: (967 million, 629 thousand and 400) dollars X (1450) dinars = (1 trillion 403 billion, 62 million, and 630 thousand) dinars.

• According to the Deloitte report, 58% of oil revenues will go to the oil production expenses and 42% will remain for the Ministry of Natural Resources.

- So: (967 million, 629 thousand and 400) dollars X (58%) = (561 million, 225 thousand and 52) dollars go to the cost of the oil production process.

-In IQD is (561 million, 225 thousand and 52) dollars X (1450 dinars = (813 billion, 776 million and 325 thousand and 400) dinars is oil expenditure.

- (967 million, 629 thousand and 400) dollars X (42%) = (406 million, 404 thousand and 384) dollars of income remains.

The KRG Oil revenue in IQD is 406 million, 404,384 dollars X (1,450) dinars= (589 billion, 286 million, 304,600) dinars.

 

Total income in February 2022 (dinar)

• (589 billion, 286 million, 304 thousand and 600) oil income + (164 billion) internal income + (31 billion 500 million) Coalition assistance for Peshmerga forces­ = (784 billion, 786 million and 304 thousand and 600) dinars

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