Iraqi Kurdistan increases independent oil sales

06 October 2015

Exports via the state marketing agency fall to zero

Iraq’s Kurdistan Regional Government (KRG) has boosted independent oil sales and stopped sales through the central government’s State Oil Marketing Organisation (Somo).

Data published by the KRG on 5 October shows that none of its oil exports were conducted through Somo in September. Over August, the KRG exported on average 50,936 barrels a day (b/d) through Somo.

During September total KRG crude exports rose to 18,614,798 barrels, an average of 620,478 b/d.

This is a 27 per cent increase from August, when 14,657,798 barrels were exported, an average of 353,510 b/d.

The KRG’s increase in independent oil sales and the stoppage of oil sales through Somo comes after the collapse of an oil deal agreed with Baghdad in December last year.

As part of the deal made in December, Iraq’s central government agreed to hand the region a 17 per cent share of the Iraqi federal budget on a monthly basis, something it has failed to do.

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