Middle East

Iraq will implement court ruling on Kurdish oil revenue, says minister – Middle East Monitor

Iraq will implement a federal court decision which ruled that all revenues from oil and gas extracted from the area governed by the Kurdish Regional Government must be delivered to Baghdad, the oil minister announced yesterday.

In February, Iraq’s federal court deemed an oil and gas law regulating the oil industry in the Kurdistan region “unconstitutional”, calling on the Kurdish authorities to hand over their crude supplies to Baghdad. The ruling was deemed “unacceptable” by the Kurdish authorities.

Iraq’s Oil Minister Ihsan Abdul Jabbar pointed out that the Basra Oil Company would acquire the “biggest share in the US Exxon Mobil’s stake in the country’s West Qurna 1 oil field,” explaining that the transaction would take place after the Iraqi government’s “approval of the 2022 budget.”

READ: Iran receives $1.6bn of gas debt from Iraq

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