The Kurdistan Region delivers its oil to Baghdad

12/12/2019 11:38:00

Federal Minister of Oil, Thamr Al-Ghadban announced on Thursday that the Kurdistan Region will deliver 250,000 barrels per day, starting next year.


The Kurdistan region’s production of crude oil currently stands at 450,000 barrels per day, explaining that the federal government agreed with Kurdistan that the latter hand over SOMO company 250 thousand barrels per day of crude as of January 1 of the year. Next, the region’s government will use the remaining 200,000 barrels to pay the companies ’wages and their shares of profit and what remains to be spent to pay off their debts and salaries, Al-Sabah newspaper quoted Al-Ghadban as saying.


OPEC deals with Iraq as a single political unit and does not differentiate between the oil of the region and others. It is registered with them as Iraqi oil, and since OPEC and Iraq are keen on the balance of the market and the non-collapse of prices, it is in the interest of it. He pointed out that Iraq's production of raw materials currently amounts to four million and 500 thousand barrels per day, while the planned export volume is three million and 880 thousand barrels per day, including the oil delivered from the region of 250 thousand barrels per day.




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