Today, Friday (September 8, 2023), economist Nabil Al-Marsoumi confirmed that the oil revenues achieved until August 2023 totaled 61.513 billion dollars, which is equivalent to 80 trillion dinars, and that the estimated oil revenues in the 2023 budget totaled 90 billion dollars, which is equivalent to 117 trillion dinars.
According to Al-Marsoumi, “the oil revenues achieved until August 2023 = 61.513 billion dollars, which is equivalent to 80 trillion dinars,” while “the estimated oil revenues in the 2023 budget = 90 billion dollars, which is equivalent to 117 trillion dinars.”
“If high oil prices continue and Iraq sells its oil at 85 a barrel, Iraq could achieve oil revenues of $8.7 billion per month during the remaining third of this year,” he added.
“Oil revenues may reach 34.8 billion dollars from September to December 2023,” he said, “and thus the oil revenues actually achieved in 2023 will be about 96.213 billion dollars, or 125 trillion dinars, and then the actual oil revenues will achieve a surplus of 6.213 billion dollars, that is, 6.213 billion dollars.” 8 trillion dinars, which will lower the 2023 budget deficit by the surplus in oil revenues, assuming that all non-oil revenues predicted in the 2023 budget are realized at about 17 trillion dinars, which is doubtful.
According to the economist, “the net non-oil revenues achieved during the first half of 2023 did not exceed 421 billion dinars, and thus it will not significantly reduce the high price of oil if the budget deficit for the year 2023 continues.”
According to what was supplied by the Council of Ministers, the deficit in the current draft budget was 63.275 trillion dinars, with the adoption of a price of $70 per barrel of oil, given that oil sales account for more than 95 percent of budget revenues.