Iraq and Kurdistan Resolve Oil Payment Disagreement

Reuters reported that Iraq and Kurdistan ended a dispute about oil payment, with Kurdistan pledging to continue producing its share of oil exports and Iraq’s Baghdad agreeing to pay foreign companies working in Kurdistan.

As quoted in the market news:

The decision resolves part of a broader feud between Baghdad and Kurdistan about control over oil and territory that has involved major companies including Exxon Mobil , Chevron and Total .

“The two delegations agreed to resolve all disagreements and pay the foreign oil companies working in Kurdistan based on the budget law,” Shawish’s office said in a statement.

“The two sides agreed to continuing oil exports from the region through the Iraqi oil pipeline and to work to increase production to 200,000 barrels per day as a first stage.”

Click here to read the full Reuters report.