Regional government said it would reconsider deal with Baghdad in return for $1bn a month
Crude exports by the Kurdistan Regional Government (KRG) dropped 2.5 per cent in June to just below 500,000 barrels a day (b/d), according to the National Resources Ministry.
The autonomous region of northern Iraq exported an average of 499,908 barrels a day (b/d) in June compared with 513,041 b/d in the previous month.
The KRG produced 567,068 b/d in June, with the non-exported oil refined locally at the Kalak and Bazian refineries. Iraqi Kurdistan also produced 311.9 million cubic feet a day (cf/d) of gas.
Crude was sold at an average of $36.43 a barrel with the KRG reported a gross value of sold crude oil of $562m for the month.
The KRG has been selling crude independently from the central Baghdad government since talks broke down with the Kurds claiming they were not receiving budget payments.
KRG spokesman Safin Dizayee said in June that the KRG would revisit oil exports through Baghdad in return for $1bn a month, which Erbil claims is its 17 per cent agreed share of the national budget.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.