KRG revenue plummets in July, IOCs await payment
Lower prices and a huge cut in advances from oil traders cause monthly oil proceeds to fall by $90 million, while most oil companies remain unpaid for July production.
A worker checks the valve gears of pipes linked to oil tanks at Turkey's Mediterranean port of Ceyhan, which is run by state-owned pipeline company Botas. (UMIT BEKTAS/Reuters)
ERBIL - Kurdistan’s oil revenue fell nearly 20 percent in July to less than $400 million, as export loadings slipped and oil traders slashed their monthly prepayments to the Kurdistan Regional Government (KRG).
Amidst the cash shortage, many oil companies are still awaiting payments that are supposed to come every month.
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