Iraq blames foreign firms for delay in crude export restart from Iraqi Kurdistan region


CAIRO: Iraq’s oil ministry stated on Monday that foreign corporations working in Iraqi Kurdistan have been partly in charge for the delay in resumption of crude exports from the region.
Foreign corporations, alongside the Iraqi Kurdish authorities, had thus far not submitted contracts to the federal oil ministry to revise them and subject new contracts which are in accordance with the structure and the regulation, a press release by the ministry stated.
The Iraq-Turkey oil pipeline that after dealt with about 0.5% of the worldwide oil provide is caught in limbo a yr after its closing as authorized and monetary hurdles impede the resumption of flows from the region.
Reports from OPEC and worldwide secondary sources confirmed that crude manufacturing in the region was between 200,000-225,000 barrels per day (bpd) with out the data or approval of the ministry, it added.
Iraq stated in March it could cut back its crude exports to three.3 million barrels a day in the approaching months to compensate for having exceeded its OPEC+ quota since January, a pledge that will lower shipments by 130,000 bpd from final month.
OPEC+, whose de facto chief is Saudi Arabia, has highlighted the significance of compliance with the pledged cuts at the same time as oil costs have rallied this yr. Brent crude LCOc1 on Monday traded above $86 a barrel, the best value since November.
“The lack of compliance to the oil policy approved by the federal government risks Iraq’s reputation and endangers its international commitments,” the ministry stated.
Turkey halted flows
on March 25, 2023, after an arbitration ruling discovered it had violated provisions of a 1973 treaty by facilitating oil exports from the semi-autonomous region of Kurdistan with out the consent of the Iraqi federal authorities.

Nilesh Desai
Nilesh Desai
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.


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