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

Mar25,2024



CAIRO: Iraq's oil ministry said on Monday that foreign companies operating in Iraqi Kurdistan were partly responsible for delays in the restart. crude oil export From the area.
A statement from the ministry said Iraqi Kurdish authorities as well as foreign companies have not yet submitted contracts to the Federal Oil Ministry to revise them and issue new contracts in accordance with the constitution and law.
Iraq-Türkiye oil pipeline The field, which once handled about 0.5% of global oil supply, is in limbo just a year after its shutdown as legal and financial hurdles hinder resumption of flows from the field.
Reports from OPEC and international secondary sources revealed crude oil production It said there was between 200,000-225,000 barrels per day (bpd) in the field without the ministry's knowledge or approval.
Iraq said in March it would reduce its crude oil exports to 3.3 million barrels per day in the coming months to compensate for exceeding its OPEC+ quota since January, a pledge that would add 130,000 bpd to shipments from last month. Will make a cut of Rs.
OPEC+, whose de facto leader is Saudi Arabia, has highlighted the importance of complying with pledged cuts, even as oil prices have risen this year. crude oil LCOc1 traded above $86 a barrel on Monday, the highest price since November.
“Lack of compliance with the oil policy approved by the federal government jeopardizes Iraq's reputation and jeopardizes its international commitments,” the ministry said.
Turkey halted the flow on March 25, 2023, after an arbitration ruling found it had violated provisions of the 1973 treaty by facilitating oil exports from the semi-autonomous region of Kurdistan without the consent of the Iraqi federal government.



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