Foreign oil firms responsible for delayed oil exports from Iraqi Kurdistan

Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil said on Monday that foreign companies operating in Iraqi Kurdistan are partially responsible for the delayed resumption of crude oil exports from the region.

The Iraqi Oil Ministry explained in a statement that foreign companies and the authorities in Iraqi Kurdistan have not yet submitted their contracts to the Iraqi Ministry of Oil for evaluation and issuance of new contracts that adhere to the country’s constitution, the Iraqi News Agency (INA) reported.

Due to financial and legal challenges, the oil pipeline that transports crude oil from Iraq to Turkey has not been operating for a year.

The Iraqi Ministry of Oil illustrated that reports from the Organization of the Petroleum Exporting Countries (OPEC) and secondary international sources showed that crude production in the Kurdistan region of Iraq ranged between 200,000 and 225,000 barrels per day with no approval from the ministry.

Iraq confirmed in March that it would reduce its crude oil exports to 3.3 million barrels per day in the coming months to compensate for any increase recorded in January and February above its quota determined under the OPEC+ alliance agreements.

The step would reduce shipments by 130,000 barrels per day compared to last month.

According to the Iraqi Oil Ministry, failure to adhere to the oil policy approved by the federal government puts Iraq’s reputation and its international obligations at risk.