Iraqi parliamentary committee denies $19 billion loss from Kurdistan oil export suspension
ShafaqNews/On Thursday, the Iraqi Parliament's Oil, Gas, and Natural ResourcesCommittee dismissed reports claiming that Iraq has incurred a $19 billion lossdue to the suspension of oil exports from the Kurdistan Region.
Since thehalt in Kurdish oil exports on March 24, 2024, the federal Oil Ministry hascompensated for the 400,000 barrels per day from the southern governorate,according to committee member Basim al-Ghrebawi. This move aimed to maintainIraq's oil export quota under the Organization of the Petroleum ExportingCountries (OPEC).
OPEC allowsIraq to export up to 3.5 million barrels of oil daily. Al-Ghuraybawi stressedthat increased production from the southern governorates has offset the lossfrom the Kurdistan Region's halted exports, ensuring that Iraq's overall oilexports remain unaffected.
"Therehas been no loss due to the cessation of exports from the Kurdistan Region, asBasra's oil has compensated for Iraq's OPEC-assigned export quota of 4 millionbarrels per day," al-Ghrebawi told Shafaq News, adding that "whilethere is potential to increase production in Basra, Nasiriyah, and Maysan, Iraqremains bound by its OPEC quota, ensuring that the required export volumes aremet without loss to the federal government."
