ERBIL, Kurdistan Region of Iraq – Iraq generated 45.355 trillion dinars (around $30 billion) in revenue during the first eight months of 2026, with oil accounting for 77 percent of the total, the head of the federal revenue monitoring commission said Saturday, citing finance ministry data.

“Data from the Ministry of Finance up to August 31, 2026, indicate that revenues reached approximately 45.355 trillion dinars,” Suzan Abdullah Mohammed, head of the General Commission for Monitoring the Allocation of Federal Revenues, told state media.

She said oil revenues accounted for 77 percent of the total, while non-oil sources contributed the remaining 23 percent.

Iraq has been facing a worsening financial crisis since the start of the US-Israeli war with Iran, with the closure of the Strait of Hormuz massively cutting off Iraq’s main source of income: oil exports.

Iraq’s oil exports and production saw a sharp plunge during the regional conflict. Iraq exported only 18.6 million barrels of crude oil in March, compared to 99.8 million barrels in February, resulting in nearly $4 billion in lost revenue.

The 2027 budget law has faced major delays, partly owing to the regional conflict and the ensuing financial turmoil, which has significantly affected Iraq’s ability to balance and set the budget and pay public sector salaries.

Iraqi Prime Minister Ali al-Zaidi in mid-October called for increased oil revenues and production, announcing that “significant measures” would be implemented soon.

Iraq exported only 18.6 million barrels of crude oil in March, compared to 99.8 million barrels in February, resulting in nearly $4 billion in lost revenue.