CommoditiesEconomy

Oil Minister Proposes $16 Per Barrel Bill to Parliament for Kurdistan’s Oil: A Step Towards Enhanced Cooperation

Economy News – Baghdad

Oil Minister Hayyan Abdel-Ghani announced on Monday that the government has submitted a draft law to Parliament regarding the acquisition of oil from the region, which stipulates a payment of $16 per barrel for this advance.

“There is a project presented by the government to Parliament concerning the receipt of the region’s oil and a payment of $16 per barrel for the advance,” he stated. Minister Abdel-Ghani further explained that this arrangement will continue until the actual costs related to gas extraction from the region’s oil-producing fields are evaluated. In exchange, the region is expected to deliver between 250,000 to 300,000 barrels per day for export through the Iraqi Oil Marketing Company.

Addressing oil price fluctuations, Abdel-Ghani emphasized that “oil prices currently fluctuate between $70 and $80 per barrel. We anticipate that these prices will remain stable within this range or see a slight increase to ensure sufficient financial resources for the state budget.”

Additionally, Basem Al-Awadi, the government spokesperson, refuted claims made by the Kurdistan Regional Government spokesperson regarding interference by the federal government representative in the House of Representatives concerning the amendment of the oil export procedures in the budget.

Al-Awadi stated, “We stress the necessity of the Kurdistan Regional Government’s adherence to the provisions of the federal public budget law, including the delivery of financial revenues—whether from oil or non-oil sources—to the federal government, as specified by the law and affirmed by the Federal Court.” He highlighted that compliance with these measures is crucial for resolving related issues and enhancing cooperation between the two parties. Furthermore, the federal government hopes the esteemed House of Representatives will expedite the approval of amendments as per the Council of Ministers’ established text, for the benefit of Iraq as a whole.

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