Oil provinces condemn default on petrodollar
The leadership of Iraq's key provinces is livid about an 80 percent decrease in expected oil revenues.
A tanker at the al-Basra Oil Terminal loads crude at night on Feb. 21, 2010. (BEN LANDO/Iraq Oil Report)
The governors of provinces that account for nearly all of Iraq's oil production plan to file lawsuits and rally dissent against the government over a perceived renege on promises of an increase in oil-revenue redistribution.
The threats, including to stop oil production, have increased since Jan. 15, when the Iraqi Cabinet approved a draft 2014 budget which kept the extra payment for producing or refining oil and natural gas at $1 instead of the $5 approved by Parliament last year.
This content is for registered users. Please login to continue.
If you are not a registered user, you may purchase a subscription.
If you are not a registered user, you may purchase a subscription.
