Economy of Iraqi Kurdistan

After being stuck in legal limbo for six months, a tanker loaded with 1 million barrels of Kurdish crude headed east on Jan. 27 to leave U.S. waters after Baghdad and the Kurds reached a deal to share oil revenue.

Turkey and Iraq inked an agreement to increase Iraq's daily oil exports via Turkey's Ceyhan port, Turkish Energy Minister Taner Y?ld?z said Jan. 18.

"We have agreed with Baghdad to reach 550,000 barrels per day, or bpd," he said during a press conference in Baghdad, as reported by Reuters.

Turkish Energy Minister Taner Y?ld?z has said he will visit Baghdad on Jan. 18 to discuss new projects with Iraqi ministers.

Kurdish oil has been shipped by 39 oil tankers from Ceyhan but Iraqi Kurdish authorities have not yet paid all payments to Turkey's Halkbank, Energy Minister Taner Yıldız has told journalists.

Iraq's government reached a formal agreement on Dec. 2 with Kurdish regional authorities to end a protracted dispute over oil exports and budget payments to the semi-autonomous Kurdish region.

Iraqi Kurds have reached a critical point by starting to sell their own oil as well as making an accord with the Baghdad government, says Genel Energy chief Tony Hayward Kurds have created a real chance to make income for themselves by selling their own oil in Iraq and they will probably make more money by selling their own gas, Tony Hayward, the head of Genel Energy, one of the largest compan

Turkey is a guarantor for energy peace between Baghdad and Arbil, according to the head of an international energy company operating in Iraq.  

The London Stock Exchange-listed Anglo-Turkish Genel Energy has acquired 36 percent of OVM’s share in the Kurdistan Regional Government’s (KRG) Bina Bawi natural gas field for $150 million, the company’s Turkish President Mehmet Sepil said in a statement.

The Iraqi government and the autonomous Kurdistan Regional Government (KRG) in the north of the country have reached a deal to ease tensions over Kurdish oil exports and civil service payments from Baghdad, Iraq’s finance minister told Reuters on Nov. 13.

The Kurdish Regional Government, or KRG, increased its exports to world markets through Turkey to 300,000 barrels per day, according to Kurdish official sources.