New Oil Agreement Ready to Sign Between Baghdad and Erbil

The Wall Street Journal issued a statement that a new oil agreement is being signed in Baghdad between the Iraqi Central government and the Kurdistan Regional government after collapsing the first oil agreement. The first agreement have been rejected by the Kurdistan authorities and demanded from Baghdad to follow the agreement or sign a new oil agreement.

A member of the Iraqi Finance Committee from the Kurdistan Alliance MP Ardalan Noureddin issued a statement for Wall Street that Baghdad government didn’t pay amount according to the agreement to the Kurdistan Regional government and Iraqi government failed to fulfill the Kurdish requirements. So the second agreement was much necessary and now, the second agreement is being finalized and near to be signed between the two parties, but he didn’t disclose all its details. According to the newspaper, the Kurdistan Regional government has sold more than 550.00 barrels oil per day to the Iraqi State Oil Marketing Organization (SOMO). In the month of June, Kurdish authorities have sold independently most of its oil because they said that Baghdad didn’t give Kurdistan its agreed shares to fulfill its regional requirements. Kurdistan needs to get its complete shares defined according to the agreement in order to pay salaries to their employees and to perform other major and important tasks in the region.

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