Iraq Resumes Kurdistan Oil Exports after over Two-Year Halt
The Iraqi federal government has officially resumed crude oil exports from the Kurdistan Region after a suspension that lasted more than two years, in a move expected to ease tensions between Baghdad and Erbil and boost national export volumes.
According to a government statement, crude from Kurdistan's oil fields will now be delivered to Iraq's state oil marketing company SOMO, with the Ministry of Finance pledging a payment of $16 per barrel, either in cash or in kind, to the Kurdistan Regional Government (KRG).
This payment arrangement is in line with recent amendments to the federal budget law.
The agreement mandates a minimum daily delivery of 230,000 barrels, and according to Kurdistan's own production reports, total output currently stands at 280,000 barrels per day. Of this, 50,000 barrels are allocated for domestic consumption within the region, while the remaining volume is designated for export through SOMO.
Under the deal, the KRG will cover production and transportation costs, while all revenues from refined product sales, after deducting those costs, will be transferred to the federal treasury.
The resumption of exports comes at a critical time for Iraq, OPEC's second-largest oil producer, which is seeking to stabilize national revenues and streamline energy cooperation between federal and regional authorities. It also arrives amid global oil market fluctuations, with benchmark prices having recently softened due to increased fuel inventories in the United States.
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