Iraq’s oil ministry warned Sunday that the country is currently losing oil revenues of 100,000 bpd because Kurdistan is not producing oil.
“Kurdistan will not affect the Iraqi budget by stopping oil production, but the country is losing additional revenues that can be used in the rebuilding processes,” oil ministry spokesperson, Asim Jihad told the Aswat al-Iraq news agency.
He explained that the total amount of losses can be evaluated by multiplying the average daily price of 100,000 barrels of oil by the number of days when Kurdistan did not export oil.
“Iraq needs to export as much oil as possible to ensure revenues for both the state and people,” Jihad added.
He noted that the Iraqi region of Kurdistan makes extra benefits by getting US$1 per barrel of oil it exports.
