#ISRAELI GAS MASK CIVILIAN PROTECTION FULL#
For May, SOMO reported the country's output at 3.955 million b/d, which means a full resumption of KRG production would likely put Iraq above its quota. That limits Iraq to a quota of 4.21 million b/d. Iraq, which has often accused the KRG of not sharing the load on the country's pledged OPEC quotas, in April agreed to a voluntary 211,000 b/d production cut on top of its existing 372,000 b/d reduction from October levels, as the producer bloc and its allies seek to boost oil prices. Lawk Ghafuri, a political analyst and former head of foreign media affairs for the KRG, said future OPEC cuts could make it difficult for Kurdistan to meet its 400,000 b/d target.
The region's oil and gas operations have been targeted several times by drone and missile attacks over the past few years, in strikes mostly attributed to Iranian affiliated groups opposed to Kurdish autonomy. A prolonged standoff could further imperil oil and gas investment, many companies have said.īy conditioning the KRG's share of the budget on supplying SOMO with 400,000 b/d of crude, even with the restart of exports, Kurdistan could be vulnerable to disruptions, such as field outages or attacks. Turkish authorities subsequently closed the pipeline, and Kurdish production has cratered as a result - from a typical level of about 450,000 b/d to just 22,000 b/d in April, according to SOMO data.Īs a result, the Mediterranean market has been deprived of a typically robust supplier of sour crude, with operators in Kurdistan having to turn off the taps as crude storage facilities reached maximum capacity. The KRG had previously independently marketed its crude until an international arbitration ruling in March said such sales via Ceyhan violated a bilateral agreement between Turkey and Iraq. "Needless to say, Iraq is losing an enormous amount of revenues and the KRG's deficit is only growing while the dispute over oil exports is unresolved." "Regardless of what is agreed in the budget and the shenanigans in Parliament, resumption of oil export via Ceyhan is key for the Kurdistan Region of Iraq's oil sector," said Shwan Zulal, managing director of London-based Carduchi Consulting. To many Kurds, it paves the way for Baghdad to take more control over the region's oil exports and budget and could complicate plans to revive shuttered crude production.Īs it stands, the Kurdistan Regional Government has no way of pumping anywhere close to 400,000 b/d, with its lone pipeline outlet, to the Turkish port of Ceyhan, shuttered over a political and financial dispute between Baghdad and Ankara. The budget, passed June 12 following four days of late-night voting and intense debates within Iraq's parliament - including on controversial amendments decried by Kurdish officials - calls for $152 billion in spending, allocated for the years 2023, 20.įor Kurdistan, it essentially locks in the region to handing over 400,000 b/d of its crude production to federal oil marketer SOMO, in order to receive its agreed 12.6% of federal funding. Receive daily email alerts, subscriber notes & personalize your experience.
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