Kurdish wealth” reveals the only obstacle to the resumption of the region’s oil exports
Shafaq News / The Ministry of Natural Resources in the Kurdistan Regional Government announced on Thursday that a delegation from the Iraqi Ministry of Oil is currently in Erbil to discuss a number of issues, pointing out that his ministry does not object to transfer all of the region’s oil revenues to the federal treasury, but there is a single obstacle still waiting for the solution to resume the export of the region’s oil.
The Minister of Natural Resources of Kurdistan, Kamal Mohammed Agency, said in press statements that he expects his ministry to reach an imminent appropriate agreement with Baghdad on the issue of resuming the export of oil, pointing out that the region does not see any problem in exporting oil through SOMO and transferring all its revenues to the federal treasury, but the problem lies in the cost of extracting oil and companies are not satisfied with the amount set for them, which is $6.
Mohammed pointed out that oil companies exerted pressure on the Iraqi government to resume oil exports, pointing out that a delegation from Baghdad is currently present in the region to discuss this issue.
Mohammed stresed that the regional government provided full facilities for the resumption of export and that the companies contracted with them have been accompanied three times to Baghdad, although these companies cannot produce oil at the price allocated to them, expecting to reach an appropriate solution with Baghdad for this issue.
The Minister of Kurdish Natural Resources, Mohammed, confirmed at an energy conference last week that since the Kurdistan Region has been producing 140,000 barrels of oil per day, which means that production has decreased by half, pointing out that due to the suspension of oil exports from the Kurdistan Region, the region has lost billions of dollars and that Iraq has lost more than 16 billion dollars as a result of this suspension.
It is noteworthy that the decision to reduce oil production rates in the Kurdistan Region came at the request of Baghdad within the framework of Iraq’s commitments towards the promises it made to OPEC+.
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