The Iraqi Ministry of Oil has recently announced they exported $3.748US billion for the month of May 2016.
99.200 million barrels of oil were exported according to the Iraq Ministry of Oil spokesperson, Asim Jihad; most of which were central and southern oil exports. Mr. Jihad added, “Quantities were shipped by 33 multinational companies to the ports of Basra and Khor Al-Amia and SPM from the Arab gulf.”
However, exports have not been occurring via Turkey’s Ceyhan port since the Kurdistan Regional Government (KRG) has been utilising the pipeline to export oil independently of Iraq and Jihad added Iraq was not using the pipeline, “due to a lack of commitment from the KRG to an agreement it has with Baghdad.”
April exports numbers, however, were higher than March 2016 exports with 3.364 million barrels per day (bpd) getting exported daily and generating $3.343US billion for the Iraqi government in the month of April.
The breakdown of Baghdad and Erbil’s oil revenue sharing deal that outlined specifically that KRG would receive 17% of Baghdad’s federal budget in exchange for 550,000 barrels of oil per day to SOMO in Ceyhan— was caused when Baghdad cut payments to KRG at the same time the federal budget was revised as oil prices plummeted over the last two years and the KRG began to export oil independently from Baghdad.