The Kurdish Regional Government (KRG) in northern Iraq revised its earlier ban on oil exports to neighboring Iran on Thursday.
In a decree by the Natural Resources Ministry, announced by Sulaymaniyah-based NRT TV on Sunday, the ministry detailed the two exceptions to the ban that entered into force on Feb. 15.
In line with the revision, petroleum products originating from KRG-based wells and facilities, and permitted by the KRG, are excluded from the export ban.
In addition, petroleum products that were granted export permits from Iraq's Interior Ministry and were notified to the KRG, are also exempt.
According to the Organization of the Petroleum Exporting Countries' (OPEC) latest oil market report, Iraq became the second-largest member country, after Saudi Arabia, with the daily oil production of 4.7 million barrels.
On Feb. 12, Iraqi Oil Minister Thamir Ghadhban said the KRG currently produces 420,000 barrels of oil per day but by the end of the year, this could reach 550,000 barrels.
Reporting by Idris Okuducu in Erbil
Writing by Firdevs Yuksel