Record pipeline flows, but Kurdistan oil revenues dip
Saddled with debt to oil traders, Erbil remains unable to make payroll despite increased exports.
Loading arms at the terminal for Iraqi crude exports at the Turkish port of Ceyhan. (STAFF/Iraq Oil Report)
ERBIL - The Kurdistan Regional Government (KRG) pumped more oil through its export pipeline in November than ever before, but revenues fell month-on-month due to lower oil prices and debt payments to oil traders.
After paying producing oil companies, oil traders, and other expenses, the government received $374.5 million to fund its payroll in November, down from $416.5 million in October, according to a monthly export report from the KRG Ministry of Natural Resources (MNR).
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