Iraq’s federal government has moved towards resolving the ongoing impasse over oil exports with the autonomous Kurdish region by agreeing to higher cost payments for producers. This follows the halt in regional oil exports after a ruling granting Baghdad exclusive rights to market Iraqi oil. An independent body will be formed to finalize cost payments, with $16 per barrel set as an interim rate.
The regional government welcomed this step, highlighting its potential to resume exports and recover significant financial losses. An independent body’s digital role will streamline negotiations and ensure smooth market operations.
