The Iraqi government and the Kurdistan Regional Government (KRG) see new paths towards a resolution of oil disputes that will help boost overall crude output, Reuters reported. “There are various ways to resolve the conflict with the Kurdish region of Iraq which has split control of the country’s crude exports,” the new Iraqi Oil Minister, Jabbar Al-Luaibi, said.
While Iraq produced 4.36 mb/d of oil in July, compared with 4.44 mb/d at the end of 2015, the KRG exports about 500,000 b/d independently from the central government. Baghdad thus intends to bring crude exports from the Kurdish region under its control, especially after the drop in crude oil prices over the past two years has squeezed the state revenue.
In addition, the minister stated that “Iraq will seek local investment to develop its natural gas industry,” according to Bloomberg.