Parliamentary committee reveals reasons for reducing the region's oil production by half

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[size=52]Parliamentary committee reveals reasons for reducing the region's oil production by half[/size]

[size=45]Member of the Parliamentary Oil and Gas Committee, Dhurgham Al-Maliki, revealed the reasons for reducing the Kurdistan Region’s oil production by half.[/size]
[size=45]Al-Maliki said, "Iraq's export percentage has already been reduced by OPEC."[/size]
[size=45]He added, "The Minister of Oil, Hayan Abdul Ghani, before he suffered a health problem, decided to reduce oil from the provinces of Basra and Maysan only, and the region remained at its percentage."[/size]
[size=45]Al-Maliki pointed out that “keeping the region’s share of oil exports at its current level and reducing the share of the rest of the governorates is incorrect, and the share must be distributed equally among everyone.”[/size]
[size=45]He added, "The reduction in oil exports cannot be limited to the southern governorates only, as it will cause problems for the income of the southern governorates."[/size]
[size=45]Two days ago, the acting Minister of Natural Resources in the Kurdistan Regional Government, Kamal Mohammed, announced that the region had reduced its oil production by half, at the request of Baghdad and as part of its commitment to the OPEC+ agreement.[/size]
[size=45]During his participation in an energy conference in Istanbul, Mohammed explained that the Kurdistan Region has been producing 140,000 barrels of oil per day since September 2, 2024.[/size]
[size=45]Iraq has consistently produced more than OPEC+ has set, and has promised to make up for the previous overshoot.[/size]
[size=45]On September 26, 2024, the Iraqi Ministry of Oil announced the export of 105 million and 845 thousand barrels of oil during the month of August, a decrease of 2 million and 207 thousand barrels compared to July.[/size]
[size=45]In turn, the OPEC+ Joint Ministerial Committee for Monitoring Production confirmed that Russia, Iraq and Kazakhstan fulfilled their obligations to compensate for the previous increase in production.[/size]
[size=45]The Kurdistan Region’s oil exports stopped on March 25, 2023, after the International Chamber of Commerce in Paris ruled in Iraq’s favor in the lawsuit it filed against Turkey over the pipeline. Before that, the Kurdistan Region was exporting 450,000 barrels per day to global markets via Türkiye.[/size]
[size=45]Mohammed pointed out that the Kurdistan Region lost billions of dollars in revenues due to the halt in oil exports, while Iraq itself lost more than 16 billion dollars, adding that “this is a situation in which everyone loses and no one benefits.”[/size]
[size=45]Disagreements over contracts, the cost of producing a barrel, and the dues of international companies continue to hinder reaching an agreement between Erbil, Baghdad, and the companies to resume exports.[/size]
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