Iraqi parliamentary committee denies $19 billion loss from Kurdistan oil export suspension

Shafaq News/On Thursday, the Iraqi Parliament's Oil, Gas, and Natural Resources Committee dismissed reports claiming that Iraq has incurred a $19 billion loss due to the suspension of oil exports from the Kurdistan Region.

Since the halt in Kurdish oil exports on March 24, 2024, the federal Oil Ministry has compensated for the 400,000 barrels per day from the southern governorate, according to committee member Basim al-Ghrebawi. This move aimed to maintain Iraq's oil export quota under the Organization of the Petroleum Exporting Countries (OPEC).

OPEC allows Iraq to export up to 3.5 million barrels of oil daily. Al-Ghuraybawi stressed that increased production from the southern governorates has offset the loss from the Kurdistan Region's halted exports, ensuring that Iraq's overall oil exports remain unaffected.

"There has been no loss due to the cessation of exports from the Kurdistan Region, as Basra's oil has compensated for Iraq's OPEC-assigned export quota of 4 million barrels per day," al-Ghrebawi told Shafaq News, adding that "while there is potential to increase production in Basra, Nasiriyah, and Maysan, Iraq remains bound by its OPEC quota, ensuring that the required export volumes are met without loss to the federal government."