‘Kurdistan Region faces $20 billion loss from oil export disruption’, PM Masrour Barzani revealed
"We've realized that depending on oil as the only revenue for the country is always going to be problematic," Barzani noted, advocating for a more diversified economic approach.
Nov. 23, 2024
ERBIL (Kurdistan24) - Kurdistan Region is hemorrhaging approximately $1 billion monthly due to disrupted oil exports, with total losses exceeding $20 billion, Prime Minister Masrour Barzani disclosed during a special session at MEPS24.
The financial impact has severely affected the region's economy and public sector operations.
"Unfortunately, the losses that we have suffered are not being compensated," Barzani stated, explaining that the situation has led to delays in salary payments and reduced overall Iraqi revenues.
He emphasized that the export disruption is harmful not only to Kurdistan but to the entire country.
Addressing Baghdad's justification of the export shutdown as a measure to comply with OPEC+ production quotas, Barzani strongly disputed this characterization.
"Kurdistan is entitled to produce at least 500,000 barrels. We are producing even less than half of that," he explained, arguing that any production cuts should be proportionally distributed across Iraq's oil-producing regions.
The Prime Minister also revealed his government's strategy to diversify the economy beyond oil dependency, emphasizing investments in agriculture, industry, and tourism sectors.
"We've realized that depending on oil as the only revenue for the country is always going to be problematic," Barzani noted, advocating for a more diversified economic approach.