ERBIL, Kurdistan Region - The Kurdistan Regional Government (KRG) profited a net amount of about $1.5 billion in crude oil sales between April and June, selling a barrel of oil for $100, according to an audited report published by the KRG on Saturday.
The KRG published its quarterly report, audited by Deloitte, which includes the government’s oil sales and income for the second quarter of this year.
The government exported 37.6 million barrels of crude oil and sold 237 thousand barrels to local refineries between April 1 to June 30, revealed the report.
The average price of a barrel of the exported oil was $100 while the KRG sold a barrel for $54 to local refineries.
The KRG collected $3.8 billion in the sales, pocketing nearly $1.6 billion net amount after paying the financial entitlements of oil companies and debts as well as transportation and storing fees.
The government made over $1.3 billion in oil sales during the first three months of 2022.
The KRG reported a total net income of over $3.9 billion throughout 2021, having exported over 152 million barrels of oil.
The surge in oil prices in 2022 has helped the KRG to resume paying its civil servants in full and almost on time after years of financial crisis - blamed on the war against the Islamic State (ISIS) and disputes with Baghdad.
