Iraqi Kurdistan to Keep Oil Output at 140,000 bpd

Source: Reuters 9/14/2012, Location: Middle East

Iraq's autonomous Kurdistan said it would keep its oil production for export at 140,000 barrels per day this month before raising it to 200,000 bpd for the rest of the year, as part of a deal with Baghdad to end a dispute over oil payments.

Under the agreement, Baghdad will also pay 1 trillion Iraqi dinars or around $857 million (527.8 million pounds) for foreign companies working in the Kurdish region, the Kurdistan Regional Government said in a statement.

Kurdistan in April halted shipments of its oil in protest over what it said were payments due from Baghdad to companies. It restarted shipments later, but had said it would halt them again by September 15 if there was no agreement on payment.

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