Between April, June KRG generated $3.7 billion from oil business – report

A worker is seen at the Tawke oil refinery in the Kurdistan Region in this 2009 photo. (AFP photo)

SULAIMANI (ESTA) — The Kurdistan Regional Government (KRG) on Saturday released the oil business revenue for the past three months between April and June according to an auditing scrutinized report.     

The KRG exported 37.6 million barrels of crude oil through the pipeline between April and June, generating more than $3.7 billion.

The average price of a barrel of the exported oil was $100 while the KRG sold a barrel for $54 to local refineries, an audited report by giant Deloitte said which published by the KRG.

The Region signed a contract with the international audit firms on October 5, 2015, to examine oil production and revenue in an effort to improve transparency.

The KRG heavily relies on oil, soaring its prices in 2022 has contributed to restabilizing the Kurdistan Region’s economy and passing the years of financial difficulties since 2014 during the government blamed the war against the Islamic State (ISIS) and disputes with Baghdad.

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