• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 19 mins UK, Stay in EU, Says Tusk
  • 4 hours Socialists want to exorcise the O&G demon by 2030
  • 8 hours Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 2 hours Nuclear Power Can Be Green – But At A Price
  • 5 hours Venezuela continues to sink in misery
  • 6 hours What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 3 hours Chevron to Boost Spend on Quick-Return Projects
  • 18 hours How Is Greenland Dealing With Climate Change?
  • 3 hours Maritime Act of 2020 and pending carbon tax effects
  • 20 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults
  • 18 hours German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 1 day Solid-State Batteries
  • 1 day Orphan Wells
  • 21 hours Trump inclined to declare national emergency if talks continue to stall - Twitter hides this as "sensitive material"
Alt Text

Iraq Is Facing A Major Internal Crisis

Current oil production numbers may…

Alt Text

Falling Oil Prices Threaten Saudi Economic Growth

Stronger energy revenue for much…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Kurdistan Ready To Hand Over Oil For 17% Of Iraqi Budget

The Kurdistan Regional Government (KRG) is ready to hand over oil, airports, border points, and all revenues to Baghdad if Iraq’s federal government gives the Kurdish region its 17-percent share of the budget, KRG’s Prime Minister Nechirvan Barzani said on Monday.

“We’re ready to handover oil, airports, border gates, and all revenues to Baghdad if the [Federal Government of Iraq] sends the salaries [of KRG employees], the Kurdistan Region’s 17 percent constitutional budget share, and other financial dues,” Kurdistan24 news outlet quoted Barzani as saying at a press conference in Erbil today.

In a press statement on Sunday, the KRG’s council of ministers asked Iraq not to approve the 2018 federal budget bill “that was prepared by the Iraqi Ministry of Finance without the participation of the Kurdistan Region.”

The KRG says that “reducing the budget share of the Kurdistan Region, which occurs for the first time since 2005, from 17 percent to 12.6 percent,” is breaching Iraq’s constitution in the part that regions should be allocated a share of the national revenues, taking into consideration their population. Iraq and Kurdistan have agreed that the Kurdish region makes up 17 percent of the total population of Iraq, KRG said yesterday.

Tensions have been high, and oil flows from north Iraq were disrupted after the semi-autonomous Kurdistan region voted for independence at the end of September in a referendum not recognized by either Iraq or any international power.

Since the Iraqi army took control of the fields in the oil-rich Kirkuk area in mid-October, reports of disruptions in oil flows have been a daily occurrence, and, according to an official at the Kirkuk provincial council, Iraq’s oil ministry has ordered a stop to all oil exports from Kirkuk’s oil fields to the Turkish Mediterranean port of Ceyhan.

Related: Will The Third Great Energy Revolution End The Oil & Gas Industry

At Monday’s press conference, KRG’s Prime Minister Barzani said that “The Kurdistan Region’s revenue has been decreased by over 50 percent following the [Oct. 16] conflict in Kirkuk”, adding that, “It will definitely have its implications”.

Meanwhile, Iraq’s Supreme Federal Court ruled today that no governorate or region can secede. In Kirkuk, two suicide bombers in a Shiite mosque killed at least five people on Sunday and wounded more than 20 in the first suicide attack since Iraq’s federal forces retook the oil-rich Kirkuk from Kurdish forces.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News