Kurdistan 2020 Oil Business "Crashed due to COVID-19"

The Kurdistan Regional Government (KRG) has released its annual oil and gas audit report for 2020, which revealed several drops in production due to the COVID-19 pandemic.

The region's total exported and consumed oil for the year stood at 165,942,861 barrels, about 5 million barrels less comparing to 2019.

The average price of oil dropped to $28.1 per barrel as global markets crashed during the second quarter, with the gross value of crude oil sold via pipelines standing at $4,443,842,235.

As of Q4 2020, $294,315,126 of KRG funds remained held in a bank account in Lebanon due to restrictions on transferring foreign currency outside the country.

The full 2020 audit report is available here:

https://gov.krd/english/information-and-services/open-data/deloitte-reports/deloitte-report-2020/

(Source: KRG)

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