Iraqi Kurdistan’s 2024 revenue hits $12.9 billion, 87% from oil: CNN

ERBIL,— The autonomous Kurdistan Region of Iraq earned $12.9 billion in total revenue for 2024, with 87% of the amount generated from oil sales, according to a CNN Business report published Tuesday.

Caretaker Prime Minister Masrour Barzani, in an interview with CNN, emphasized efforts to reduce the region’s economic reliance on oil and pursue diversification. However, he did not mention where most of the revenue disappears.

“We’re working to shift our focus toward agriculture, industry, and tourism to create a broader economic base,” Barzani told the network.

However, the report did not clarify how the funds are being used. Delays in public sector salaries have raised concerns, especially amid ongoing disputes over oil revenue between Erbil and Baghdad.

The Kurdish region, long dominated by the Barzani clan and their Kurdistan Democratic Party (KDP), continues to face corruption allegations. International watchdogs, Kurdish lawmakers, and leaked financial records suggest billions in oil revenues remain unaccounted for.

Despite this, Barzani said combating corruption remains a priority. “We are committed to addressing corruption across all sectors,” he said.

Kurdistan officials maintain that conditions in the region are more stable than in the rest of Iraq. “We have better security and infrastructure,” Barzani said, noting the region’s early start in developing its institutions.

The region has also been widely criticized for nepotism, with key political positions held by members of the Barzani family, raising concerns about lack of transparency and accountability.

Massoud Barzani, tribal leader and longtime head of the KDP, is also the father of the prime minister and remains a central political figure. His nephew, Nechirvan Barzani, currently serves as president of the Kurdistan Region.

Figures released in February 2025 by Roonbeen-Transparency, a research organization based in Sulaimani, showed Kurdistan netted $2.72 billion in profit from oil in 2024. Average daily oil output stood at 311,491 barrels, totaling 114 million barrels over the year.

Barzani acknowledged limited foreign investment in the region, adding that changes to the investment law are underway. “We need to attract international capital, and that requires improving the legal framework,” he said.