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Iraq incurs financial losses due to the suspension of Kurdistan's exports
Economical 04/19/2023
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Nafeh al-Naji
Despite the oil agreement between Baghdad and Erbil and the historic step approved on the fourth of April, all of this did not contribute to reviving the Turkish port of Ceyhan and restoring the flow of Iraqi oil to the markets until today.
As the export of four hundred and eighty thousand barrels per day to the port is still suspended, while statistics indicate that stopping costs the state treasury one billion dollars per month.
The sources indicate that technical and organizational aspects have delayed the resumption of exports, especially with regard to the form of the financial account in which export revenues are deposited and the ownership of oil pipelines inside the region, in addition to Ankara's endeavor to reduce the amount of fines approved by the Paris court in favor of Iraq.
Kamiran Mahmoud, an expert in the field of energy and oil, tells Al-Sabah, "The regional government has released a large part of the oil industry to local and foreign investors, and therefore the issue of investing in oil pipelines inside the region belongs to foreign and local private companies."
Mahmoud added, "There was no problem in this aspect for many years, and part of the region's oil and Kirkuk's source oil were transported through these pipelines to the port of Ceyhan, and of course it is now possible to negotiate according to the new data between the operating and owner companies on a new operating contract."
For his part, the economist, Nabil Al-Marsoumi, believes that "the continued cessation of oil exports from Kurdistan and Kirkuk means that Iraq is losing a billion dollars a month." He added that exports "were reaching half a million barrels per day, and constituted 0.5% of global oil production."
And he warned that "the cessation of exports will lead to a net loss for Iraq of about $25 million per day, because 400,000 barrels per day of Kurdistan's exports are included in the oil revenues in the budget, in addition to slightly less than 100,000 barrels per day of Kirkuk's oil exports."
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