Shafaq News/ On Sunday, the Iraqi Parliament’s Finance Committee revealed that the cost of oil extraction in the Kurdistan Region, initially set at $16 per barrel in the recently approved budget amendment, is not fixed and could rise to $22 per barrel based on assessments by a consulting firm.

Committee member Ikhlas Al-Dulaimi told Shafaq News that Parliament voted on the budget amendment as submitted by the federal government, explaining that “while the extraction cost is currently estimated at $16 per barrel, a consulting company will determine the actual expenses, which could reach $22 per barrel,” emphasizing that the federal government will be obligated to cover the verified costs.

Al-Dulaimi also stated that under the amended budget, oil from the Kurdistan Region must be delivered to the State Organization for Marketing of Oil (SOMO), which will oversee its export. She clarified that the halt in oil exports was not initiated by the Kurdistan Region but resulted from a lawsuit filed by the federal Oil Ministry against the KRG’s Oil Ministry, which led to the suspension that has cost the federal government over $14 billion in lost revenues.

Earlier today, the Iraqi Parliament approved the first amendment to the Federal Budget Law for 2023-2025, despite controversy surrounding the session’s legitimacy. Independent MP Ahmed Majid told Shafaq News that lawmakers representing central and southern provinces boycotted the session, arguing that the vote “violated parliamentary law and internal regulations due to a lack of quorum,” adding that opposition MPs plan to challenge the legality of the session and the budget amendment before the Federal Supreme Court.

Notably, despite the boycott and planned legal appeal, parliamentary sources indicate that the vote is expected to stand.