An Iraqi federal court ruled last February that all oil activities in the Iraqi Kurdistan Region, including the independent oil extraction and sale, were illegal.
Bloomberg reported on Friday, March 1, that it has obtained information indicating that the current Iraqi Minister of Oil has accelerated measures to control the oil activities of the Kurdistan Region by the central government.
According to Bloomberg, the Iraqi Minister of Oil has asked the Kurdistan Region to submit a report on all oil activities, including the activities of foreign companies and Erbil's actions in this regard.
According to Bloomberg, the Iraqi central government has shown its willingness to give a share of the Kurdistan Region budget in exchange for the transfer of oil affairs to the central government.
Bloomberg also announced the Iraqi government's desire to establish a new company called the Kurdistan Oil Company to manage oil activities in the Iraqi Kurdistan region.
Noting that the Kurdistan Region currently produces about 500,000 barrels of crude oil, the news agency described the production of this amount of oil as insignificant compared to the production of more than 4 million barrels of crude oil per day by the central government.
Reporter's code: 50101