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Baghdad halts payments to KRG until oil deal is struck

-Iraq’s central government cuts Kurdish region’s spending as it fails to hand over 250,000 bpd of oil to federal government

home > Oil, Oil, Middle East-Africa 01.06.2020 18:16 Sibel Morrow

Baghdad halts payments to KRG until oil deal is struck

Iraq halted payments to the Kurdish Regional Government (KRG) until a final oil deal is reached between the central government in Baghdad and the KRG's seat of power in Erbil, the country’s finance ministry said on Monday.

On Friday, the ministry released a document showing the government's latest payment of 400 billion dinars ($333 million) in financial dues to the region.

"After the KRG government approved the ministry's final solution proposal, it was agreed to pay wages. Unless a final [oil] agreement is reached, this amount will be the last payment Baghdad sends to the KRG," the ministry said in a statement.

The former Iraqi Prime Minister Adil Abdul-Mahdi in April decided to stop payment to the KRG's budget after Erbil failed to fulfill its financial pledges which were in breach of a deal reached at the end of 2019 to deliver the region’s oil to Iraqi State Petroleum Marketing Company (SOMO) from 2020 onwards.

Last month, the KRG declared its commitment to hand over 250,000 barrels of oil a day to the federal government and to turn over all financial revenues to the state treasury.

In May 2014, the Baghdad administration started to slash 17% of the KRG's spending, which is its constitutional right for payment of civil servants' salaries, in reaction to KRG's decision to export oil independently of the Iraqi central government.

- The crisis between Baghdad and Erbil

The oil crisis between Baghdad and Erbil started during former Iraqi Prime Minister Nuri al-Maliki's tenure and came to an impasse with the emergence of the Daesh (ISIL) terrorist organization, the withdrawal of Peshmerga forces in Kirkuk, and the ban on international flights in KRG airports.

In March 2018, payment of civil servants’ wages in the KRG began on a regular basis when Prime Minister Haidar al-Abadi was in power.

- Fresh deal with new PM Abdul-Mahdi

A new deal was reached to solve the crisis after Shiah politician Adil Abdul-Mahdi became prime minister in October 2018.

In line with the agreement made on Nov. 25, 2019, the KRG was due to deliver to Baghdad 250,000 barrels of oil exports from January 2020. However, the KRG failed to make revenue payments from monthly oil exports to SOMO.

Consequently, the central government ordered the finance ministry to cut the monthly budget, including civil servant salaries, allocated to the KRG.

By Sibel Morrow

Anadolu Agency

energy@aa.com.tr


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30.12.2020 Oil , Middle East-Africa

Oil down on demand fears from spread of virus variant

-US President Donald Trump finally signs pandemic relief pack, boosting hopes for economic recovery in country
30.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

US oil rig count rises by 1 for week ending Dec. 25

- Oil rigs increase by 1 to 264, from 263 the previous week
27.12.2020 Oil , Americas

Brent oil price up 1.06% for week ending Dec. 25

- Emergence of mutant coronavirus said to be 70% more contagious put pressure on oil prices, boosting demand fears
26.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices up on Brexit deal, US relief pack hopes

-While rise in coronavirus cases still pressures oil prices, vaccines continue to instill hope of speedier demand recovery
26.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Eni discovers oil in Western Desert of Egypt

-Eni's new discovery will add 10,000 barrels of oil per day to the current concession production
24.12.2020 Oil , Finance , Europe , General

Oil prices climb as US oil inventories fall

- Crude oil inventories in US fall by 600,000 barrels for week ending Dec. 18
25.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

US crude oil inventories fall for week ending Dec. 18

- Commercial crude oil stocks decrease by 600,000 barrels against market expectation of 3.2-million barrel fall
25.12.2020 Oil , World , Americas

Oil prices down over pandemic-driven demand fears

-Further fueling weak demand fears, US crude oil inventories are forecast to rise by 2.7 million barrels, API figures show
24.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Lukoil, Gazprom to cooperate to develop 2 fields

-Companies to establish joint venture to carry out project
23.12.2020 Oil , News from companies , World , Eurasia

Greenpeace loses Norway supreme court Arctic oil case

- Norway's supreme court approves government's plans for Arctic oil exploration
22.12.2020 Oil , Europe , General

Future of oil prices depends on vaccines: IEA chief

- Even if viable vaccine becomes widely available, little recovery is expected in oil markets, says Fatih Birol
23.12.2020 Oil , Renewable , World

Norway's petroleum sales decrease in November

- Country's total petroleum product sales volume in October down 16.2% to 548 million liters compared to same month of 2019
22.12.2020 Oil , Finance , Europe , General

ConocoPhillips announces oil discovery in Norwegian Sea

- Size of discovery is between 75 million and 200 million barrels of recoverable oil equivalent
22.12.2020 Oil , Europe , Americas , General

Iran, Russia to cooperate in oil and gas sector

- Countries vow to expand cooperation to neutralize effects of US sanctions
22.12.2020 Natural Gas , Oil , Energy Diplomacy , Europe , Middle East-Africa

Oil prices down as mutant virus spurs demand fears

- Rising value of dollar also exerts downward pressure on oil prices which are indexed to US dollar
22.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Revenues of oil giants decline 35.8% in 3Q20

- Royal Dutch Shell records highest year-over-year decline in revenue
22.12.2020 Oil , News from companies , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices down over new COVID strain in UK

- Concerns that measures against mutant coronavirus will tighten further slow oil demand rebound, pushing prices down
22.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Eni expands operations in UAE's largest offshore field

- Eni will operate concession for oil and gas exploration in area covering approximately 11,660 square kilometers
22.12.2020 Natural Gas , Oil , Europe , Middle East-Africa

US oil rig count rises by 5 for week ending Dec. 18

- Oil rigs increase by 5 to 263, from 258 the previous week
20.12.2020 Oil , Americas , General

Brent oil price up 1.68% for week ending Dec. 18

- Vaccine campaigns in UK, Canada and US support prices while negative 2021 outlook exerts downward price pressure
19.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Highlights of global energy market in 2020

- Oil price volatility due to Covid-19, energy demand slump and acceleration in renewables are hot topics in 2020
21.12.2020 Oil , Renewable , Energy Diplomacy , World

Highlights of Turkish energy market in 2020

- Black Sea gas discovery, tensions in E. Med., TurkStream coming online and records in renewables were hot topics in 2020
21.12.2020 Natural Gas , Oil , Renewable , Coal , Energy Diplomacy , Turkey

Oil prices down over weak demand fears

- Many European countries impose either strict restrictions, night curfews or lockdowns, fueling investor oil demand concerns
18.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices reach 9-month high over US stocks drop

- US commercial crude oil inventories rise by 3.1 million barrels relative to market expectation of 3.5 million-barrel fall
18.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

US crude oil inventories fall for week ending Dec. 11

- Commercial crude oil stocks decreased by 3.1 million barrels against market expectation of 3.5-million barrel fall
18.12.2020 Oil , World , Americas

US sanctions 4 entities over Iran's petrochemical sale

- Treasury Dept. blacklists companies for 'facilitating export of Iranian petrochemical products'
17.12.2020 Oil , Americas , Middle East-Africa

Oil prices drop over estimated rise in US crude stocks

- However, positive developments in COVID-19 vaccine applications have prevented further declines
18.12.2020 Oil , World

Global oil demand to increase 6.2% in 2021: IEA

- As mass vaccination will take several months, impact on oil demand will not be soon, IEA says
16.12.2020 Oil , International Organization , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices drop slightly over lingering demand fears

- Tightening restrictions and renewed lockdowns in Europe reignite demand fears that were simmered down over vaccine rollouts
16.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Global oil demand to increase 6.6% in 2021: OPEC

- Transportation and industrial sectors are projected to lead oil demand growth in 2021, says OPEC
16.12.2020 Oil , International Organization , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices increase over vaccine optimism

- Following the UK and Canada, the US also starts vaccine rollout amid renewed restrictions worldwide against coronavirus
15.12.2020 Oil , World

US oil rig count rises by 12 for week ending Dec. 11

- US sees drop of 409 oil rigs from one year ago
14.12.2020 Oil , Finance , General

ExxonMobil makes first discovery offshore Suriname

- Evaluation of Sloanea-1 exploration well in offshore Block 52 is ongoing to determine its resource potential, says company
13.12.2020 Oil , Upstream , Downstream , News from companies

Brent oil price up 1.81% for week ending Dec. 11

- Imminent vaccine releases in UK, Canada and US contribute towards positive market outlook during week
12.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Aker Solutions inks $114M Kristin Sor deal with Equinor

- Work for delivery of subsea production system to commence in 2021, with completion scheduled for first half of 2023
11.12.2020 Oil , Europe , General

Poland's oil firm PKN Orlen to take over Polska Press

- Polska Press comprises 24 regional newspapers, 120 magazines and 500 websites in country
13.12.2020 Oil , Europe , General

Brent oil over $50 on vaccine optimism

-Massive build in US crude oil inventories is limiting upward price pressure
11.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Norway's petroleum sales decrease in October

- Country's total sales volume of petroleum products in October down 13.3% year-on-year to 620 million liters
10.12.2020 Oil , Europe , General

US crude oil stocks show strong rise for w/e Dec. 4

- Commercial crude oil stocks increase by 15.2 million barrels against market expectation of 1.5-million barrel fall
11.12.2020 Oil , World , Americas

Oil prices up over bullish sentiment on vaccines

-Large build in US crude oil inventories block further rise amid ongoing weak global demand
11.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

More oil needed to meet demand through 2050

- Addition of over 313 billion barrels of oil are needed to meet global demand over next 30 years, says Rystad Energy
10.12.2020 Oil , International Organization , World

Brent oil becomes most profitable investment in Nov.

- Brent oil investors yield 25.9% monthly return while natural gas records biggest loss in November
10.12.2020 Natural Gas , Oil , World

US energy agency revises up oil price forecast

- Brent price expected to increase by 2.1%, according to Energy Info. Administration's Short-Term Energy Outlook for December
10.12.2020 Oil , International Organization , World , Americas

Oil prices to remain at $40-50 range in 1Q21: experts

-OPEC+ decision of gradually raising output will help solidify oil price bottom, says Bob McNally, president of RapidanEnergy
10.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oil prices down over rise in US stocks

- Positive news about coronavirus vaccine as UK starts first vaccine shots caps further falls
09.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Aramco, Baker Hughes form JV for non-metallic products

- Facility to produce onshore non-metallic pipelines, including reinforced thermoplastic pipes from composite materials
08.12.2020 Oil , Energy Security , Energy Projects , Middle East-Africa

Oil prices down due to COVID-19 containment measures

- Fresh lockdowns fuel concerns over immediate global economic and oil demand recovery
09.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa

Oman establishes new oil and gas firm

- Firm will undertake hydrocarbon exploration and production operations, according to country’s official publication
09.12.2020 Oil , World , Middle East-Africa

Oil prices down amid fresh coronavirus restrictions

-Boosting global demand concerns, US, Germany, Iran, South Korea impose new lockdowns, restrictions to fight pandemic
08.12.2020 Oil , World , Europe , Eurasia , Asia , Americas , Middle East-Africa
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