🔻 (1/4/2023 – 31/12/2023) After more than three seasons, oil exports have been suspended and there is no specific time to resume oil exports.

🔹 According to Deloitte data, before the suspension of oil exports, an average of more than (12 million) barrels of oil had been exported per month.
🔹 That is, within three seasons, the oil exports would have reached about (110 million) barrels of oil.
🔹 The average price of Brent oil during (1/4/2023 – 31/12/2023) was (82.9 dollars).
🔹 If the Kurdistan Region had sold its oil at a discount of $15, as happened in the second, third and fourth quarters of 2022;
🔹 The average price of oil sold in the Kurdistan Region would be (67.9 dollars).
🔹 The total value of oil exports would be (7 billion 455 million 479 thousand) dollars.

Suspension of oil and financial losses

Nine years after the Iraqi government filed a complaint against the Turkish government at the International Chamber of Commerce in Paris, "Turkey violated the 1973 oil pipeline transit agreement by allowing crude oil from the Iraqi Kurdistan Region to be exported through Turkey without Baghdad's consent."
Finally, the International Chamber of Commerce in Paris issued a 277-page resolution on February 13, 2023 and on March 25, 2023 officially suspended oil exports from the Kurdistan Region.
According to the decision of the International Arbitration Chamber in Paris, the Kurdistan Regional Government is a constitutional and legal government within Iraq, but cannot transport oil through pipelines, whether northern oil, or the region's oil, because the Kurdistan Region is not part of the IPT agreement which was signed between Turkey and Iraq in 1973 on oil pipelines.
More than nine months have passed, but no concrete agreement has been reached to resume oil exports.
Here we highlight the financial losses caused by the suspension of oil in the region during (1/4/2023 – 31/12/2023):

• According to Deloitte's reports for the second, third and fourth quarters of 2022, which means the same the same period as in 2023;
- The Kurdistan Regional Government (KRG) exported an average of 12 million 192 thousand 494 barrels of oil monthly through the pipeline to the Turkish port of Ceyhan.
- The Kurdistan Region sold oil at $15 less than Brent oil per barrel during the period.
- According to Deloitte reports, 54% of oil revenues went to the expenditure of the process and 46% returned to the general treasury of the Kurdistan Regional Government.
Therefore, based on the three reports of Deloitte during the second, third and fourth quarters of 2022, we explain the following assumptions;
• From (1/4/2023 – 31/12/2023) that is (9) months have passed since the suspension of oil exports.
• The region could have exported an average of 12 million 192 thousand 494 barrels of oil per month.
• That is, within (9) months, the oil exports would have reached (109 million 732 thousand 446) barrels of oil.
• The average price of Brent oil was $82.90 during the period.
• If the region had sold its oil at a discount of $15, as happened in the second, third and fourth quarters of then;

• The average price of oil sold in the Kurdistan Region would be $67.90 per barrel.
• The total value of oil exports would be (7 billion 455 million 479 thousand 397) dollars.
• If the amount of revenue (54%) would go to the expenditure of the oil process, it would be equivalent to (4 billion 25 million 958 thousand 874) dollars.
• Accordingly, the amount of (3 billion 429 million 520 thousand 532) dollars at a rate of (46%) would be returned to the general treasury of the Kurdistan Regional Government.
The following table explains the process.