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FINANCIAL NEWS
Iraq’s KRG oil exports expected to hit 484,000 bpd in November
25 Oct 2012
(MENAFN) An initial loading programme expected Iraqi exports of medium sour Kirkuk crude oil to increase to 484,000 barrels per day (bpd) in November, Reuters reported.
An Iraqi official data showed that exports were nearly 550,000 bpd in June last year, as semi-autonomous Kurdistan Regional Government (KRG) pumped new crude to the total exports from the start of that year.
In April, the KRG threatened to stop crude exports completely due to a payment dispute with the central Baghdad government.
However in August, the KRG said it would restart exports by an initial 100,000 bpd to ease tensions with Baghdad. Earlier this month, the KRG agreed to increase crude exports to 250,000 bpd in 2013 if the central government pays oil companies working in the region.
Baghdad and Erbil are in a long-running dispute over KRG’s budget, control of territories, oil contracts and lately KRG’s start of independent oil exports.
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