Kurdish ministers have reportedly walked out of a cabinet session in protest at the country’s draft 2014 budget.
Reuters reports that the draft budget requires the Kurds to export 400,000 bpd, well above the region’s current export capacity, and says Baghdad will deduct any shortfall from the 17 percent share of state revenues to which they are entitled.
Industry sources estimate Kurdistan's current export capacity at around 255,000 bpd, and do not expect it to reach 400,000 bpd until the end of this year or early 2015.
Kurdish members of parliament boycotted last year’s budget, but this did not prevent it being passed.
(Budget image via Shutterstock)