Kurd Oil Producers Resort to $30 Sales as Export Income Stalled
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Foreign oil producers in Iraqi Kurdistan are resorting to selling crude at about $30 a barrel in the domestic market as the government hangs on to companies’ export earnings amid weaker world prices and a costly battle with Islamic State.
“The government’s announcement was that there would be payments coming,” said Bijan Mossavar-Rahmani, executive chairman of Norwegian producer DNO ASA, said in an interview in Oslo. “That payment I think got disrupted because of lower prices and the resolution of the budget issues.”