ERBIL, Kurdistan Region - No changes have been made to the existing oil export agreement between Baghdad, Erbil, and international oil companies (IOCs), with all sides agreeing to maintain the current terms and extend the deal for an additional three months, deputy head of the federal oil marketing body told Rudaw on Saturday.
The remarks by Hamdi Shingali, deputy head of Iraq’s State Oil Marketing Organization (SOMO), come after SOMO Director Ali Nazar al-Shatri told Rudaw on Thursday that the three sides have agreed to extend the existing agreement for an additional three months.
Kurdistan Region’s oil exports were suspended in March 2023 following a ruling by an arbitration court in Paris. The exports resumed late September following the tripartite agreement.
Shingali, a Kurd, said average daily exports from the Kurdistan Region stand at around 200,000 barrels per day (bpd), while 50,000 bpd are reserved for domestic consumption. He added that “production is headed towards increasing… bit by bit.”
Under the agreement, the KRG’s natural resources ministry is committed to supplying at least 230,000 bpd to SOMO for export, with an additional 50,000 bpd allocated for domestic use within the Kurdistan Region, Natural Resources Minister Kamal Mohammed told Rudaw in mid-November.
Mohammed said that by November, more than 10 million barrels of Kurdistan Region oil had been exported through the federal government.