ERBIL, Kurdistan Region—The Kurdistan Regional Government’s oil exports in September increased by more than 4 million barrels compared to August.
The KRG sold 564,808 barrels daily out of Turkey’s Ceyhan port in September, for a monthly total of 16,944,237 barrels, the Ministry of Natural Resources (MNR) announced Friday in their monthly statement on oil production and export revenues.
The gross revenue from the crude oil sold out of Ceyhan was $611.7 million, from which the KRG received a net income of $327.6 million after making payments to producers and Kirkuk.
The payments to producers were to repay past prepayments made by producers against future sales.
Kurdish crude oil was sold for $36.10 per barrel in September, higher than in August when Kurdish oil fetched a price of $32.44 per barrel.
Although oil prices have risen, the KRG sells its crude oil for, on average, about $10 less than the international prices.
Dilshad Shaaban, deputy head of the energy and industry committee in the Kurdish parliament, told Rudaw last month that Kurdish oil fetches a lower price because it is of lower quality.
The income, plus other income generated locally by the MNR, was received by the KRG to fund salaries of KRG employees.
The KRG sold 564,808 barrels daily out of Turkey’s Ceyhan port in September, for a monthly total of 16,944,237 barrels, the Ministry of Natural Resources (MNR) announced Friday in their monthly statement on oil production and export revenues.
The gross revenue from the crude oil sold out of Ceyhan was $611.7 million, from which the KRG received a net income of $327.6 million after making payments to producers and Kirkuk.
The payments to producers were to repay past prepayments made by producers against future sales.
Kurdish crude oil was sold for $36.10 per barrel in September, higher than in August when Kurdish oil fetched a price of $32.44 per barrel.
Although oil prices have risen, the KRG sells its crude oil for, on average, about $10 less than the international prices.
Dilshad Shaaban, deputy head of the energy and industry committee in the Kurdish parliament, told Rudaw last month that Kurdish oil fetches a lower price because it is of lower quality.
The income, plus other income generated locally by the MNR, was received by the KRG to fund salaries of KRG employees.
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