Draw Media

# From (25/3/2023 – 20/5/2023) that is (57) days have passed since the KRG oil exports have been suspended.

# The Kurdistan Region could export an average of 389,958 barrels of oil per day.

# That is, within (57) days, the oil exports would reach (22 million 227 thousand 606) barrels of oil.

# Brent crude was trading at $80.50 a barrel during that period.

# If the region had sold its oil at a discount of $19.8 cents, as happened in the fourth quarter of 2022 then;

# The average price of a barrel of oil sold in the region was (61 dollars and 42 cents).

# The total value of oil exports was (1 billion 282 million 997 thousand 418) dollars

# If (51%) of the revenue went to the expenditure of the oil process, it would be equivalent to (654 million 318 thousand 483) dollars.

# Accordingly, the amount of (628 million 658 thousand 935) dollars would be returned to the general treasury of the Kurdistan Regional Government.

Suspension of oil and financial losses

Nine years after the Iraqi government filed a complaint against the Turkish government at the international arbitration court in Paris, that "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."

The International arbitration court 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 court in Paris, the Kurdistan Regional Government is a constitutional and legal government within Iraq, but cannot export oil through pipelines, because the Kurdistan Region is not part of the IPT agreement which signed between Turkey and Iraq in 1973 on oil pipelines.

Two months have passed since the Kurdistan Regional Government (KRG) and the Iraqi government reached an agreement, but the KRG has not yet been able to resume oil exports.