Semi-autonomous region exports 93% of its production
Kurdistan Regional Government raked in $8.44 billion from total sales
KRG and Baghdad are locked in a dispute over oil sales
Dubai — Iraq’s semi-autonomous Kurdish region pump an average of about 468,400 b/d in 2019, with 93% of its oils sales exported at an average price of $52.676/b, according to a Deloitte audit report published by the Kurdistan Regional Government on its website.
Oil for local consumption and refineries was sold at $45.94/b, raking in $88.85 million, the report showed.
The government generated $8.35 billion from crude exports, while the gross value of crude oil and condensate sold, including piped exports and local sales was $8.44 billion, the report showed.
The net cash balance received by the KRG for sales and related activities was $4.515 billion last year.
Of the net cash balance, a balance of $318.5 million at the end of December was held in a bank account in Lebanon, according to the report.
The KRG and the federal government in Baghdad are currently locked in a dispute over oil sales and the distribution of oil revenue, including payments of KRG salaries by the Iraqi federal government.
The KRG has previously said it would contribute to Iraq’s 1.061 million b/d output cut in May and June in line with OPEC+ production curbs.
The Baghdad government has insisted the semi-autonomous region take part in the OPEC+ pact, where oil cuts will gradually be reduced through to April 2022.
Iraq’s federal government said on Friday its oil exports averaged 3.438 million b/d in April and were sold at an average price of $13.80/b.
In March, the federal government exported some 3.5 million b/d at an average price of $28.18/b.
Source: S&P Global, 3 May, 2020