Evaluation of Relationship between Oil Revenues and Government Budget in Iraq: 2006-2016 Period

The primary purpose of this study was to examine the relationship between oil revenues and government budget in Iraq for 2006-2016. The study found that, Iraq’s oil production curve in recent years has remarkably specified the positions, even if not mainly at the levels estimated earlier, as more positive forecasts. Iraq has developed to be the world’s fourth-largest oil exporter. This study confirmed that, the critical element for Iraq’s economy is that, the country depends on oil and 97% of the government revenues are from its oil exports. While challenges continue to achieve the aims of increased oil production, opportunity for Iraq’s resources to produce revenue and pay for broad-based economic development still exists.