Payback to oil traders cripples KRG’s finances
September oil sales increased by one-third, but net revenues fell again as trading houses recouped debts and did not make new loans.
Oil tanks at Turkey's Mediterranean port of Ceyhan, which is run by state-owned Petroleum Pipeline Corporation (BOTAS). (UMIT BEKTAS/Reuters)
ERBIL - Kurdistan’s oil income fell for the fourth consecutive month in September, as oil traders clawed back old debts and stopped providing new advances.
The government's net revenue is slumping even though oil sales surged 33 percent over August. The Kurdistan Regional Government (KRG) sold 16.9 million barrels of oil, or 564,800 barrels a day (bpd) on average, according to KRG Ministry of Natural Resources (MNR) report published Friday.
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