Baghdad, Erbil strike oil deal

Export and revenue swaps and Peshmerga funding set the stage for budget talks.
Adil Abd al-Mahdi (L) meets with Nechirvan Barzani on Nov. 13, 2014. (STRINGER/Reuters)

ERBIL - Iraq's Cabinet has approved an oil export and revenue arrangement with the autonomous Kurdistan Regional Government (KRG), giving momentum to recent efforts to reconcile the country's long-standing disputes over oil policy.

The agreement, following two days of talks in Baghdad led by Iraqi Prime Minister Haider al-Abadi and KRG Prime Minister Nechirvan Barzani, would see the KRG contribute 250,000 barrels per day (bpd) to Iraq's oil exports and receive a 17 percent share of the federal budget.

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