The Kurdistan Region of Iraq’s independent oil sector is increasingly being caught in the crossfire of government formation efforts in Baghdad. Oil Minister Ihsan Ismaael last weekend slammed the KRG’s lack of flexibility in negotiations after the Supreme Court in February ruled its oil sector unconstitutional. Mr Ismaael says Baghdad will now set about implementing the court ruling. The region produces around 450,000 b/d (see chart 1).
Baghdad Ups The Pressure On KRG Oil Sector
Iraq’s Oil Minister has called for the federal government to take over Kurdistan’s oil sector following a controversial court ruling, and says weeks of discussions have achieved nothing. With Erbil insisting on what it says are its constitutional rights, it is difficult to see how Iraq can realistically implement the ruling.
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Charts
1: Production In Iraqi Kurdistan Has Been Flat Around 450,000 B/D Since Mid-2020 (‘000 b/d)
2: KRG Quarterly Net Oil Revenues Are Above $1bn For The First Time Since 2019 ($Bn)
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