Kurdish Iraq gets the lion's share while Baghdad loses out on oil profits
Iraq is now the second largest oil producing country within the Organization of the Petroleum Exporting Countries and third in oil reserves.
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The political crisis between the central government in Baghdad and the Kurdistan regional government is causing Iraq to lose $200 each second due to repeated stopping of Iraqi oil exports through the Turkish Jihan Port, a report has found.
Saboteurs starting deliberate fires to the Iraqi oil pipe line, which links with the Jihan Port, has stopped about one quarter of Iraq’s crude oil exports causing the loss of about $125 millions in only one week, the International Centre for Development Studies stated in a report this week. The body stated that by involving oil exports in political conflicts, Iraq has lost out on the chance to up its exports from 175,000 barrel a day to 200,000.
Iraq is now the second largest oil producing country within the Organization of the Petroleum Exporting Countries and third in oil reserves of 143 billion barrels coming after Saudi Arabia and Iran.
Despite this, the report expressed concern that “many international oil firms [are] reluctant to enter the Iraqi market, taking into account that the central government in Baghdad is threatening not to pay international firms working in the Kurdistan region.”
The move was in response to the Kurds signing oil contracts with certain companies without seeking approval of Baghdad’s central government, the report added.
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