A review of data from the Iraqi Ministry of Finance on the country's oil revenues between 2004 and the end of May 2026 was published in the Dromedia news agency and shows that the Iraqi economy has faced several waves of increases and decreases in oil revenues during this period.

This data presents a picture of the Iraqi budget's strong dependence on oil revenues; in such a way that changes in global oil prices, export volumes, and the political and security conditions of the region have had a direct impact on the revenues of the Baghdad government.

In a general comparison, Iraq's oil revenues in 2004, which is considered the starting point of this period, were 32,627 billion dinars.

This figure reached its highest annual level in 2022 and recorded 154,388 billion dinars, a 59% increase compared to the previous year; an increase equivalent to about 57,416 billion dinars.However, 2023 witnessed a decline in Iraq's oil revenues. Oil revenues fell to 125,882 billion dinars this year, representing an 18 percent decline and a decrease of about 28,156 billion dinars compared to 2022.

In the first five months of 2026, Iraq's oil revenues were recorded at 27,269 billion dinars, which only reflects the revenue situation for this short period and is not directly comparable to the total annual revenue.6 Beginning of the review period

2005 39.4 Growth

2006 46.9 Growth

2007 53.1 Growth

2008 79.1 Big jump

2009 51.7 Fall due to the global crisis

2010 66.8 Return to growth

2011 98.0 Oil surge

2012 116.5 Continued increase

2013 110.6 Limited decrease

2014 97.0 Decrease

2015 51.7 Sharp drop

2016 44.6 Continued decrease

2017 65.4 Recovery

2018 96.0 Sharp growth

2019 99.4 Relative stability

2020 55.9 Corona fall

2021 96.6 Return

2022 154 Historical high

2023 125.8 Decrease

2024 127.5 Relative stability

2025 109.2 Decrease

2026 (5 months) 27.2 Interim data

Four main waves of Iraq's oil revenue in the last two decades

A study of the trend of Iraq's oil revenue shows that the country's economy has gone through four important periods over the past 22 years:

1- The oil growth period after 2004 to 2008

During this period, the increase in global oil prices and the increase in Iraq's export capacity caused oil revenues to increase from 32 trillion dinars to more than 79 trillion dinars.

2- The period of global and security shocks (2009 to 2016)

The global financial crisis, the decline in oil prices, and then the war with ISIS caused Iraq's oil revenues to decrease sharply, reaching about 44 trillion dinars in 2016.

3- The oil recovery period (2017 to 2019)

With the improvement in oil prices, Iraq's revenues increased again, reaching nearly 100 trillion dinars in 2019.4- Post-Corona Period of Extreme Fluctuation (2020-2026)

After the 2020 crash, oil revenues reached a historic high in 2022, but then began to decline again.