The acting minister of natural resources of the Kurdistan Regional Government said that they will not prevent the amendment of oil contracts and the companies have not agreed to the proposal to reduce the cost of oil extraction.

Acting Minister of Natural Resources of the Kurdistan Regional Government (KRG) Kamal Mohammed said that the proposals made by the Iraqi Oil Ministry to the oil companies are not satisfactory for the companies.

He added that the amount of money allocated by the Iraqi government for the production of a barrel of oil in the Kurdistan Region is much less than the cost of producing a barrel of oil by companies.

"We will not prevent the amendment of oil contracts and there is a good understanding by the Iraqi Oil Ministry," he said.