Crude exports from Iraqi Kurdistan have been halted for well over 4 months now, and despite the ongoing negotiations, Baghdad isn’t keen on resuming exports soon
The suspension of exports of KRG crude to Turkey began on March 25th.Baghdad does not see an independent Kurdistan in the future of Iraq/It is easy to lose sight of the wood for the trees sometimes in the complex world of global oil.
It was then that Russia stepped in, taking effective control of all of Iraqi Kurdistan’s oil sector through three key means. First, it provided the KRG with US$1.5 billion in financing through forward oil sales payable in the next three to five years. Second, it took an 80 percent working interest in five potentially major oil blocks in the region. And third, it established 60 percent ownership of the vital KRG oil pipeline to Ceyhan in Turkey by dint of a commitment to invest US$1.
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