Longstanding oil and revenue disputes between the Iraqi central government and the Kurdistan Regional Government (KRG) have been resolved, according to a new report from the Finance Ministry.
The ministry is reporting that the KRG will be providing 550,000 barrels of oil per day to the Iraqi Oil Ministry. In return, the central government will give the Kurds 17 percent of the entire national budget.
Though the Finance Ministry did not mention it, the KRG is also claiming that under the deal they’re still allowed to sell oil produced above and beyond the amount agreed upon for the exchange. The KRG intends to export 1 million barrels per day by the end of 2015.
Previously, Iraq and the KRG were disputing the rights of the Kurds to export oil abroad without Oil Ministry approval, and the central government was refusing to make payments to them related to that dispute.
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