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raq, March 23, 2016
Iraq’s oil minister Adel Abdul Mahdi confirmed on Tuesday that they will not pump any more crude oil through the Kirkuk-Ceyhan pipeline unless Baghdad and Erbil reach a new revenue sharing agreement.
Mahdi said on his official Facebook page that from Baghdad’s perspective there are “two options” for resolving this impasse. Either revert back to the previous revenue sharing agreement between Baghdad and Erbil or make a new agreement.
In the past Baghdad and Erbil had a revenue sharing program where Erbil would transfer 550,000 barrels of crude oil produced in the Kurdistan Region per day in return for a 17 percent share in the Iraqi federal budget. This broke down in February 2014 when Baghdad accused Erbil of exporting oil independently.
After the Islamic State (ISIS) crisis gripped the country in mid-2014 Baghdad and Erbil began negotiating a new revenue sharing agreement in December 2014. When that collapsed Erbil began exporting oil independently in mid-2015.
The Iraqi state-owned North Oil Company had contributed 150,000 barrels per day into the pipeline which Erbil has been using to independently export oil from its territory.
This comes as Erbil is facing numerous setbacks as it is struggling to make ends meet financially. The drop in the world price of oil affected its economy badly given the fact that its enormous public sector relies almost entirely on oil revenues for its income.
On top of this the Kirkuk-Ceyhan pipeline was damaged in a bomb attack last month and Erbil brought in even less revenue, an estimated $233 million. Turkey consequently loaned it an emergency fund of $200 million to help it deal with the shortfall.
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