• Thursday, 23 May 2024

Iraqi Oil Minister Announces Talks to Resume Oil Exports from Kurdistan Region

Gulan Media April 18, 2024 News
Iraqi Oil Minister Announces Talks to Resume Oil Exports from Kurdistan Region

In a recent development, Iraqi Oil Minister Hayyan Abdul Ghani disclosed that negotiations are underway with the Kurdistan Region concerning the resumption of oil exports. Ghani revealed that oil production in the Kurdistan Region currently hovers between 375,000 to 400,000 barrels per day, in accordance with the Iraqi budget.

"We will resume production and export of oil from the fields in the Kurdistan Region," Ghani affirmed. He further elucidated that the Ministry of Electricity has recently inked a deal with a gas investment company operating within Kurdistan. The aim of this agreement is to streamline the transportation of 100 million cubic feet of natural gas.

This announcement comes after a year-long hiatus in oil exports from the Kurdistan Region through the Iraq-Turkey pipeline. The interruption has led to a significant financial setback for Iraq, with reported losses amounting to $11 billion in revenue and $400 million in investments by APIKUR member companies.

Despite the preparedness of both Turkish and Kurdistan Regional Governments to resume oil exports, Iraq remains unprepared to do so. APIKUR, in response, emphasized the urgency of resuming oil exports promptly, stressing the importance of maintaining previously agreed-upon terms.

The resumption of oil exports from the Kurdistan Region holds significant economic implications for Iraq and underscores the importance of ongoing negotiations to address pertinent issues surrounding oil production and exportation.