3.8 Billion$ to the pocket of Barzani Family
According to the latest report published by Roonbeen Organization for Transparency. Since the Iraqi Parliament passed the bill mandating that the Kurdistan Regional Government (KRG) sell its oil through SOMO, it’s important to examine the financial impact of the KRG’s independent oil sales last year.
In 2024, the KRG sold oil worth $3.841 billion, with an average daily production of 311,491 barrels at an average price of $33.69 per barrel. Meanwhile, Iraq’s state oil marketing company, SOMO, sold oil at an average price of $81.70 per barrel.
This pricing gap resulted in a staggering $5.472 billion in unrealized revenue for the KRG. Had the oil been sold through SOMO at the Iraqi government’s average price, the KRG’s total revenue could have reached $9.324 billion instead of $3.841 billion, highlighting the massive financial losses incurred due to independent sales.
Author Profile
- Diyar Harki is an independent investigative journalist and human rights advocate. As a member of the National Union of Journalists (NUJ), he focuses on exposing corruption and human rights abuses in Kurdistan and Iraq. He voluntarily contributes to Kurdfile Media.
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