7/17/2025–|Last update: 20:18 (Mecca time)
The Iraqi Kurdistan Regional Government begins to deliver at least 230 thousand barrels per day of oil from the region’s fields of the Iraqi government oil marketing company (Sumo) with an immediate impact, according to an agreement approved by Baghdad.
According to the agreement, the Iraqi Ministry of Finance is obliged to pay a advance of the region of the region amounting to $ 16 (eyes or cash) for each barrel received under the law amending the budget law.
The production of Iraqi Kurdistan is currently 280 thousand barrels, of which 50 thousand barrels per day are allocated for local consumption purposes in the region, and the rest delivers 230 thousand barrels per day, as well as any future increase in production, to Sumo for export purposes.
The agreement stipulates that the revenues of the sale of oil derivatives in the region of (50 thousand barrels) to the country’s public treasury will transfer after deducting the cost of production and transportation, and if the region needs, the Iraqi Ministry of Oil must send a quantity of oil products to it, in a way that does not exceed the result of liquidation of 15 thousand barrels of crude oil per day.
According to the agreement, a joint committee from the Iraqi Oil Ministry and the Ministry of Natural Resources in the region assesses the actual need of Iraqi Kurdistan from oil products for the purpose of allocating them.
https://www.youtube.com/watch?v=mb1xwcdq3io
Non -oil revenues
According to the agreement, the regional government received 120 billion dinars (91.6 million dollars) as an initial payment for the state’s public treasury share of non -oil revenues for last May to the Iraqi Ministry of Finance, to be settled after completing the audit.
A team is formed from the Iraqi Ministry of Finance and the Financial Supervision Bureau in Baghdad in coordination with the Ministry of Finance and the Financial Supervision Bureau in the region, to determine the amount of the Kurdistan’s share of actual spending and how to address it according to the Iraq Budget Law for the years (2023-2024-2025).
The Iraqi Ministry of Finance will pay the salaries of the region’s employees for last May as a start to implement the agreement after the Iraqi Oil Ministry represented by the “Sumo” company confirmed the full amount of oil agreed in the Turkish port of Jihan.
