By John Lee.
The Kurdistan Regional Government (KRG) is reported to be ready to strike an agreement with the central government in Baghdad to increase oil exports.
KRG spokesman Safeen Dizayee told Reuters it would be willing to sell its oil through Baghdad if it was guaranteed a monthly revenue of $1 billion:
"If Baghdad comes and says ok, give me all the oil that you have and I'll give you the 17 percent as per the budget, which equals to one billion [dollars per month], I think, logically it should be the thing to accept ...
"Whether this oil goes to the international market or first to Baghdad and then to the market, it doesn't make any difference ... We are ready to enter dialogue with Baghdad."
The KRG exported 15,904,271 barrels of crude oil (an average of 513,041 bpd) in the month of May through the Kurdistan pipeline network to the port of Ceyhan (pictured) in Turkey, and received $390,748,957 on account in May from its crude oil export.
(Sources: Reuters, KRG)