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Iraq Eyes Control Of KRG Crude Marketing

OIL
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The dispute keeping around 400kbpd of Iraqi Kurdistan crude from reaching international markets will only be resolved if Erbil hands over the rights to market its oil to the federal Baghdad government, according to a source.

  • Exports can only resume if Kurdistan's oil is sold by the federal government's marketing company, SOMO, according to Argusmedia sources.
  • A first round of talks took place in Baghdad on 26 March, but broke up that same day after failing to make real headway.
  • The source said the talks hinge on a demand by Baghdad that Somo takes full control of marketing KRG Kirkuk from Erbil's ministry of natural resources. Baghdad is also asking to have access to the account into which the revenues from these exports are deposited, but only in an observation capacity.
  • Exports of Kirkuk Blend were 452kbpd in 2022, according to Argus tracking. More than 380kbpd of this was marketed by the KRG. Somo accounted for the rest, all of which went to Turkish refiner Tupras according to Argusmedia.
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The dispute keeping around 400kbpd of Iraqi Kurdistan crude from reaching international markets will only be resolved if Erbil hands over the rights to market its oil to the federal Baghdad government, according to a source.

  • Exports can only resume if Kurdistan's oil is sold by the federal government's marketing company, SOMO, according to Argusmedia sources.
  • A first round of talks took place in Baghdad on 26 March, but broke up that same day after failing to make real headway.
  • The source said the talks hinge on a demand by Baghdad that Somo takes full control of marketing KRG Kirkuk from Erbil's ministry of natural resources. Baghdad is also asking to have access to the account into which the revenues from these exports are deposited, but only in an observation capacity.
  • Exports of Kirkuk Blend were 452kbpd in 2022, according to Argus tracking. More than 380kbpd of this was marketed by the KRG. Somo accounted for the rest, all of which went to Turkish refiner Tupras according to Argusmedia.