The Kurdistan Regional Government (KRG) has generated more than $5.5 billion revenue from oil sales during the third and fourth quarter of 2022. A total of 2.7 billion has been expended to pay salaries.
The amount of oil production in the Kurdistan region from July to December 2022 reached 78 million 904 thousand barrels, earning $5,570,613 US dollar from oil sales.
The KRG spent $2.776 billion for processing expenditures of the oil companies and $2.794 billion to salaries.
The average price of a barrel of the exported oil was $83.367 while the KRG sold a barrel for $45.854 to local refineries.
The surge in oil prices in 2022 has increased the KRG’s revenue and helped to resume paying its civil servants in full and almost on time after years of financial crisis.