KRG achieves surpasses $2 Billion in Q1 2023 oil revenues

Shafaq News / The Kurdistan Regional Government (KRG) announced on Thursday that it has generated over $2 billion in financial revenues from crude oil sales during the first quarter of 2023.

The government released statistics from Deloitte, the company responsible for tracking oil sales and the resulting financial gains for the region.

According to the report issued by Deloitte, the total production reached 36,723,475 barrels of oil, with export quantities amounting to 32,307,382 barrels. The quantities allocated to refineries amounted to 4,039,232 barrels, while the quantity of domestic sales reached 376,861 barrels.

The total oil revenues in the Kurdistan Region reached $2,199,684, with an average oil price per barrel of $67.639. Consequently, domestic revenues amounted to $22,098,456, with an average barrel price of $58.638.

Furthermore, the Deloitte report unveiled that the cost of oil operations in the first quarter of this year stood at $1,253,187,254. At this rate, the remaining revenues were allocated by the government to salary payments, totaling $946,497,142.