Iraqi Parliament Determines Cost of a Barrel of Kurdistan's Oil

PUKMEDIA

Iraqi Parliament.

On Monday, 13 January 2025, the Iraqi Parliament had the second reading of the budget bill, during which the parliament set the price of a barrel of Kurdistan Region oil at $16.

Dr. Baryar Rashid, a member of the Iraqi Parliament from the PUK Bloc, told PUKMEDIA that the budget bill was read for the second time today. 

"According to the amendment, the cost of extracting and transporting oil from the Kurdistan Region is fixed at $16 per barrel," he said.

"After determining the price, the relevant consultants will be given 60 days and then the price of oil extraction and transportation for each field will be determined separately," he said. 

During its meeting on 5 November 2024 the Iraqi Council of Ministers approved the resumption of oil exports from the Kurdistan Region and raised the production fee to $16. Previously, the fee was set at $11 per barrel of oil, while the Kurdistan Regional Government demanded $20 per barrel.



PUKMEDIA