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Half Million Barrels Per Day Exported in June, KRG

natural resources ministry krgThe Ministry of Natural Resource (MNR) of the Kurdistan Regional Government (KRG) released the number of barrels of oil exported in June in a press release on Thursday.

According to the MNR numbers, 499,908 barrels per day (bpd) have been exported in June, totaling 14,997,250 bbls for the entire month. For the first time the KRG released the price per barrel for Kurdistan oil, standing at $36.43 – around $16 less than the Brent crude due to the quality of oil, producers and transportation costs as well as the risks associated for buyers.

MNR also says that the KRG has had an income of $562,953,676 for June, which also includes for previous oil storages in Ceyhan.

With regard to the outstanding payments for the oil producers in the Kurdistan Region, the KRG has paid $81,443,291 according to the profit-sharing contracts. Others deductions are for those buyers who have had past prepayments, standing at $97,840,813. Minor oil producers and Kirkuk’s “petrodollar” share have taken $30,309,531 of June’s total income. However, the KRG has received new advance payments against future lifting of crude oil — $127,000,000.

The total net income from oil exports received by the KRG for June is $479,36m.

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