Iraqi Oil Minister: Kurdistan Region's Oil Exports Will Resume in Next Few Hours

Iraqi Oil Ministry's Media

Iraqi Oil Minister Hayyan Abdul Ghani.

Iraq's Oil Minister announced that the Kurdistan Region's oil will be exported via the State Oil Marketing Company (SOMO) and the Ceyhan port within the next few hours.

Iraq's Deputy Prime Minister for Energy Affairs and Oil Minister, Hayyan Abdul Ghani, paid a visit to the port of Khor Al-Zubair to inspect the gas pipeline development, according to an Oil Ministry statement.

The oil minister confirmed that oil exports from the Kurdistan Region will resume via SOMO over the next few hours, according to the statement.

The ministry pointed out that 185,000 barrels of oil will be exported daily at first, with the number steadily increasing until it meets the level established in the general budget.

Under the approved amendment, the actual value of the Kurdistan Region's oil production and transportation has been set at $16 per barrel. This amount will be provided as an advance to the Kurdistan Region until the actual value of oil production and transportation from each field in the Kurdistan Region is determined separately by the competent advisory bodies.

On 25 March 2023, the Kurdistan Region's oil exports were halted after the Iraqi government won its case against the KRG in the International Court of Arbitration in Paris. Two years after the decision, the Iraqi parliament voted to amend the budget law on 2 February 2025. The amendment allowed the resumption of the Kurdistan Region's oil exports through SOMO and the port of Ceyhan.

According to the budget amendment, the Kurdistan Region must produce at least 400,000 barrels of oil per day.



PUKMEDIA