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Iraq and Kurdistan Regional Government (KRG) Holding Discussions to Restart Oil Agreement

The original deal between Baghdad and Kurdistan required KRG to export 300,000 bpd to Iraq’s Federal State Organisation for the Marketing of Oil

The new Minister of Oil for the Iraqi government, Jabbar Al Luaibi, has stated Baghdad and the Kurdistan Regional Government (KRG) are planning to come to an agreement on new oil oil exports and a revision of the previously collapsed oil revenue sharing agreement in 2015. Safeen Dizayee, spokesman for the KRG has confirmed talks between them and Baghdad, “we wish all the best for the new ministers and that they can take part in creating an environment to help resolve problems between the two parties.”

The original deal between Baghdad and Kurdistan required KRG to export 300,000 bpd to Iraq’s Federal State Organisation for the Marketing of Oil (SOMO) and in return would receive a monthly budget from Baghdad. However, the agreement was dissolved when Baghdad was unable to pay Kurdish funds as oil prices hit their lowest price in years. 

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