UPDATE: Iraqi Supreme Court strikes down KRG oil sector independence

Landmark ruling rejects the legal pillars of Kurdistan's oil sector, opening a volatile new chapter in Iraq's long-standing disputes over oil powers.
Iraq's Federal Supreme Court on June 3, 2018, hears a case filed by the Oil Ministry against the KRG. (Source: Federal Supreme Court media office)

BAGHDAD - Iraq's Federal Supreme Court issued a sweeping ruling Tuesday against the legal foundations of Iraqi Kurdistan's independent oil sector.

The court's decision could force a seismic shift in the balance of oil powers between the federal government and the semi-autonomous Kurdistan Regional Government (KRG) — potentially upending a 450,000 barrel per day (bpd) market and altering the dynamics of a government-formation process that has seen multiple blocs court Kurdish MPs.

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