The Association of the Petroleum Industry of Kurdistan (APIKUR) expresses its concern that oil exports from the Kurdistan Region of Iraq (Kurdistan) have now been suspended for five weeks. As a result, the international oil market has lost approximately 450,000 barrels of oil per day, contributing to upward pricing pressures at a global level, while the loss of this critical source of income is inflicting immeasurable damage on the Kurdistan economy and its oil and gas industry.
The oil and gas industry has been the cornerstone of the remarkable development of the Kurdistan region over the past two decades. Indeed in 2022, oil exports contributed a staggering 80 percent or more of the Kurdistan Regional Government’s total revenues. In addition, APIKUR’s member companies directly employ over 1,700 local staff, including many graduates and professionals, and their investment to date of more than USD 10 billion has supported many times this number of jobs through service companies, contractors and in the communities neighbouring our operations.
APIKUR therefore believes that a speedy reopening of the Iraq-Turkey pipeline for oil exports is in the best interest of Iraq as a whole and the Kurdistan region, as well as our members and appeals to all stakeholders to redouble their efforts for a timely resolution.
APIKUR’s objective and purpose is to promote the KRI as an attractive destination for international oil and gas companies, service providers and investors. In addition, APIKUR aims to advocate for and represent the common interests of its members, function as a joint and effective voice for its members towards all relevant stakeholders whether in the KRI, or elsewhere, and provide a forum for the Members to share relevant industry information and best practices. APIKUR is a Company Limited by Guarantee established under English law.
Source: The Association of the Petroleum Industry of Kurdistan , 3 May 2023