Baghdad, Erbil Face IOC Revolt As Cash-Crunch Stalls Payments

Baghdad and Erbil both face mounting pressure from foreign oil firms over delayed and deferred payments, as the plunge in oil prices has thrown a spanner into the already complex workings of their respective energy sectors. Two of the four key producers in Iraqi Kurdistan have halted exports in favor of sales into what is set to become an increasingly crowded KRG domestic market. In the south, the deterioration in the quality of Basrah Light crude, compounded by bad weather delays and payment difficulties to the foreign oil companies will make it hard for Iraq to meet its export 2015 target. (CONTINUED - 2593 WORDS)