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Iraq has defied the odds to end-14 on a high note. Its oil exports hit a new record as Baghdad managed to circumvent the security challenges posed by the Islamic State (IS) incursion by diverting its northern crude through Kurdish territory, under a deal with Erbil that paves the way for higher exports in 2015. But the increase comes at a cost as revenues have slumped with Iraq and the Kurdistan Regional Government (KRG) putting oil into an oversupplied market as oil prices crashed to a new five year low, preventing the cash-strapped Iraqi government from enjoying the full benefit of its export surge.
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