It has been over two years since the Baghdad-based Federal Government of Iraq (FGI) placed an embargo on independent oil exports from the Erbil-based Kurdistan Region of Iraq (KRI). The legal basis for the halting of these essential flows to the finances of the semi-autonomous region of Kurdistan was the International Chamber of Commerce’s (ICC) order that they would not be resumed until Turkey paid the FGI the US$1.5 billion in damages for these allegedly unauthorised oil exports over many previous years.
Russia is to restart its key oil and gas operations in the semi-autonomous Kurdistan Region of Iraq (KRI) according to recent comments from its Energy Minister Sergei Tsivilev.
Iraq remains fully committed to its pledges in the OPEC+ agreement as the restart of oil exports from the semi-autonomous Iraqi region of Kurdistan appears imminent.
Iraq will receive around 185,000 barrels of crude oil a day from the semi-autonomous region of Kurdistan after exports resume via a pipeline to Turkey, a deputy Iraqi oil minister told the state-run Iraqi News Agency on Sunday without providing a time frame.
IOCs active in Iraqi Kurdistan finally yielded to Baghdad’s calls for oil sales to be handled by SOMO.
For China, a fractious independent Kurdistan with strong former ties to the U.S. would make the administration of Iraq’s oil and gas sector much more difficult.
Despite controlling Iraqi Kurdistan’s oil sector post-2017 independence vote, Russia prefers to work with Baghdad’s central government.
alks to restart oil exports from Kurdistan are on hold due to a disagreement over oil contracts.
Oil companies operating in Kurdistan refuse to amend their contracts with the region.
Iraq blames oil companies for the impasse, while Kurdistan previously blamed Baghdad.
It has now been just over a year since the Federal Government of Iraq imposed an embargo on oil exports from the country’s semi-autonomous region of Kurdistan.
Destroying all financial independence for the region, which is reliant on ongoing independent oil supplies, is one of the tools Baghdad has to erode Erbil’s autonomy.
The latest tactic of blaming international oil companies for the embargo still being in place is just another element.
The Kurdistan Regional Government (KRG) has lost $2 billion from oil revenues due to the nearly three-month-long suspension of Kurdish crude oil exports via Turkey, according to estimates by Reuters.
Iraq, OPEC’s second-largest oil producer, exported on average 3.3 million barrels per day (bpd) of oil in May, flat compared to April, according to the Iraqi oil ministry.
An oil dispute between the Iraqi government and the semi-autonomous Kurdistan region that also involves Turkey has escalated this week, pushing oil prices higher.