Iraq’s financial revenues hit $30 billion in seven months

Part of the Iraqi capital, Baghdad. Photo: AP Baghdad (IraqiNews.com) – The Iraqi Ministry of Finance revealed on Sunday that the country’s total revenues reached approximately 39.09 trillion Iraqi dinars (nearly $30 billion) until the end of July 2026, with oil revenues accounting for about 78 percent of total state resources. The revenues from oil exports totaled over 30.35 trillion Iraqi dinars (approximately $23.24 billion). In comparison, non-oil revenues amounted to 8.74 trillion Iraqi dinars (nearly $6.7 billion), which represented about 22 percent of the total income. The figures indicated that total revenues of 39.09 trillion Iraqi dinars (approximately $30 billion) were offset by total expenditures of approximately 65.42 trillion Iraqi dinars (about $50.09 billion), resulting in a deficit of 26.32 trillion Iraqi dinars ($20.15 billion). Iraq’s financial revenues between January and April surpassed 31.16 trillion Iraqi dinars ($23.6 billion). Oil sales during the first four months of 2026 produced 26.12 trillion Iraqi dinars (approximately $19.9 billion), accounting for 84 percent of overall state income, while non-oil revenues were around 5.04 trillion Iraqi dinars (around $3.84 billion). Iraq’s significant reliance on oil as the primary source of its national budget exposes the country to vulnerabilities stemming from global crises that impact the oil sector. The government’s reliance on oil to address the deficit forces it to seek external or internal loans, underscoring its struggle to manage public finances efficiently and revealing a deficiency in developing alternative revenue streams.