Iraq's financial revenues surpass $103 billion in 11 months
Baghdad (IraqiNews.com) – The Iraqi Ministry of Finance revealed on Monday that Iraq's financial revenues during the first 11 months of 2024 exceeded 135.32 trillion Iraqi dinars ($103.26 billion).
Data released by Iraq's Finance Ministry in February 2025 for the period between January and November 2024 revealed that revenues from oil steadied at about 88 percent, making oil the primary source of funding for the general budget.
Iraq's financial revenues generated from oil exports in the first 11 months of 2024 reached 119.33 trillion Iraqi dinars (nearly $91.06 billion), while the country's non-oil revenues amounted to 16.29 trillion Iraqi dinars ($12.43 billion), constituting 12 percent of Iraq's general budget.
The Prime Minister's Advisor for Financial Affairs, Mazhar Saleh, has previously said that the main reasons for the economy's ongoing dependence on oil are political instability, previous conflicts, and the imposition of an economic embargo on Iraq.
In an attempt to improve its financial situation, Iraq is focusing on increasing non-oil revenue through better tax collection techniques without imposing new taxes.
Iraq's economy is highly dependent on oil exports, making it vulnerable to fluctuations in the commodity's price on a worldwide scale. For instance, the 2024 budget is based on an oil price of $70 per barrel, which is lower than previous projections and takes into account the continuing instability of the oil market.
Saleh had stated that while 2024 was stable, expected income deficits in 2025 will necessitate more monetary control.
Non-oil revenue is expected to increase dramatically. The Iraqi Parliamentary Finance Committee has projected that non-oil profits might reach $22 billion by 2025. This effort to diversify revenue streams in the face of declining oil prices is notable.
According to forecasts, non-oil revenue will increase dramatically. Non-oil profits might reach $22 billion by 2025, according to estimates from the Iraqi Parliamentary Finance Committee. This is a significant effort to diversify revenue streams in the face of declining oil prices.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
an hour ago
- Shafaq News
Iraq ranks second among Arab seaborne oil exporters in May
Shafaq News/ Iraq ranked second among the largest Arab oil exporters by sea in May 2025, according to data from the Washington-based Energy Research Unit. The figures showed that seaborne crude oil exports from the top five Arab exporters rose in three countries on a monthly basis, while Iraq and Libya recorded declines. Saudi Arabia led the list in May, increasing its seaborne exports by approximately 266,000 barrels per day (bpd) from the previous month. Iraq followed in second place with an average of 3.27 million bpd, down by 32,000 bpd compared to April's 3.3 million bpd. Government reports indicated that Iraq aimed to keep exports below 3.2 million bpd in May and June to align with its OPEC+ production quota. On a year-on-year basis, Iraqi exports fell by 294,000 bpd compared with May 2024, when they reached 3.56 million bpd. The United Arab Emirates ranked third with exports rising to 3.02 million bpd, followed by Kuwait with 1.37 million bpd. Libya came fifth, with exports declining to 1.19 million bpd last month. Meanwhile, economist Nabil Al-Marsoumi warned of potential disruptions to maritime trade routes in the event of a regional conflict between the United States and Iran, which could negatively impact oil supplies. He urged the resumption of exports via the pipeline from the Kurdistan Region to Turkiye's Ceyhan port. In a social media post, Al-Marsoumi wrote, "If the US and Iran agree, the world will live in peace. If they disagree, the gates of hell will open.' He noted that in case of escalation, 'maritime trade routes will close, oil export platforms will be destroyed, transport and insurance costs will surge, and oil supplies will be negatively affected, pushing prices higher.' Al-Marsoumi added that Gulf oil-exporting countries would be severely impacted as export routes narrow or shut down, especially those lacking alternative outlets. 'The reviving the Ceyhan pipeline as more essential now than ever,' he concluded.
Shafaq News
8 hours ago
- Shafaq News
Turkish delegation to visit Iraq soon with key issues on agenda
Shafaq News/ A high-level Turkish delegation is expected to visit Baghdad in the coming days, a source familiar with the matter told Shafaq News on Thursday. The delegation, headed by the President of the Turkish Council of Higher Education and including several ministers, will hold discussions on key issues, including the security situation in Syria and the presence of Kurdistan Workers' Party (PKK) elements. The talks will also address economic matters, particularly mechanisms for resuming oil exports through the Ceyhan port, as well as the issue of financial penalties imposed on Turkiye. Additional commercial agreements and other files will also be on the agenda during meetings with the Iraqi government. Turkiye halted oil flows through the pipeline linking the Kurdistan Region to the Ceyhan port in March 2023 after a tribunal ordered Ankara to pay Iraq approximately $1.5 billion in compensation for unauthorized oil exports, refusing to pay the fine and asking Erbil to assume the liability. The shutdown halted around 500,000 barrels per day (bpd) of Iraqi oil exports. A restart could partially ease the impact on oil markets, which have faced reduced shipments from Iraq, a key crude supplier. Iraq previously exported between 400,000 and 500,000 bpd from northern fields, including those in the Kurdistan Region, through the now-idle pipeline. Earlier, Iraqi Prime Minister Mohammed Shia Al-Sudani visited Turkiye on May 8, 2025, where he met with President Recep Tayyip Erdogan. The visit focused on strengthening bilateral relations and concluded with the signing of 10 memorandums of understanding in areas including energy, trade, investment, and security. Meanwhile, trade between Iraq and Turkiye reached approximately $13 billion in 2024 and is expected to grow further in 2025.
Shafaq News
8 hours ago
- Shafaq News
Iraq and Syria to reopen Al-Qaim border crossing next week
Shafaq News/ Iraq and Syria will reopen the Al-Qaim–Al-Bukamal border crossing to travelers and commercial traffic next Monday, officials from both countries confirmed on Thursday. Turki Al-Mahlawi, the district commissioner of Al-Qaim in Iraq's Al-Anbar Province, told Shafaq News that the crossing will resume normal operations at the beginning of next week following a bilateral agreement. The reopening does not pose any security threat to Al-Anbar or Iraq, noting that the border is 'well-secured and jointly managed,' he added. Additionally, Syria's General Authority for Land and Maritime Border Crossings announced that the Al-Bukamal crossing will reopen on June 14 for both travelers and freight trucks. تُعلن الهيئة العامة للمنافذ البرية والبحرية عن افتتاح معبر البوكمال الحدودي مع العراق أمام حركة عبور المسافرين والشاحنات اعتباراً من يوم السبت الموافق لـ 2025/06/14م.وإذ تؤكّد الهيئة جاهزية كوادرها وكافة المرافق الخدمية في المعبر، فإنها تهيب بالأخوة المسافرين وسائقي الشاحنات… — الهيئة العامة للمنافذ البرية والبحرية السورية (@Syrianborders) June 12, 2025 Mazen Alloush, the Authority's Director of Public Relations, told Shafaq News that the reopening 'revives the eastern economic artery of the trade route between Syria and Iraq and strengthens overland connectivity along the Damascus–Bukamal–Qaim–Baghdad corridor, reducing costs and accelerating the flow of goods.' He added that the move 'will help restore economic activity in Syria's Deir ez-Zor province and Iraq's Al-Anbar, where local populations depend heavily on the exchange of agricultural and livestock products.' According to Alloush, the crossing 'serves as a cornerstone for reconstruction programs and the systematic supply of raw materials needed for Syrian industry, while also creating opportunities for exporting national products to Iraqi markets.' Separately, Syria's Ministry of Economy and Industry said the reopening of the Al-Bukamal crossing 'is more than just the passage of trucks—it marks the beginning of a new economic vision between Syria and Iraq, one built on production and integration rather than rentier exchange and consumption.' A spokesperson from the Ministry indicated to Shafaq News that the Ministry is developing a practical investment roadmap based on real projects, noting that the crossing would serve as a vital route for the flow of raw materials and Syrian goods into Iraqi and Gulf markets. The crossing has remained closed since December 2024 due to security concerns stemming from clashes in the area and the withdrawal of Syrian government forces.
