The Oil, Gas and Natural Resources Committee in the Iraqi Parliament denied, on Thursday, the news that Iraq lost $19 billion as a result of the suspension of Kurdistan Region oil exports.
Since the Kurdistan Region’s oil exports stopped on 3/24/2023, the Federal Ministry of Oil has compensated for the region’s oil, amounting to 400,000 barrels, from the southern governorates, to maintain the OPEC oil export ceiling.
According to OPEC, Iraq has the right to export 3.5 million barrels of oil per day, which means that the region’s oil was compensated for by the southern provinces and did not affect Iraqi oil exports.
In this regard, the committee member, Basem Al-Gharibawi, reiterated to Shafaq News Agency his confirmation that “Iraq did not witness a loss due to the cessation of exports from the Kurdistan Region, because there is compensation from Basra oil for the percentage specified for export to Iraq in OPEC, which is 4 million barrels per day.”
Al-Gharibawi stressed that “there are possibilities to increase production in Basra, Nasiriyah and Maysan, but Iraq is limited by OPEC’s percentage, so the quantities required for export are compensated by Basra’s production, and there is no loss for the federal government
