Kurdistan oil revenue collapses

Traders slash oil payments by more than half as the KRG's sole export pipeline remains hostage to security problems in southeastern Turkey.
A tanker loads crude at the Turkish port of Ceyhan, May 2015. (STAFF/Iraq Oil Report)

The Kurdistan region’s oil revenue plummeted by more than half in February, aggravating a financial crisis that has already caused social instability, strikes, and waves of protests.

The KRG received just $303 million in payments from oil traders in February, according to a report published Monday by the Ministry of Natural Resources (MNR). Oil companies received $70 million, leaving just $233 million available for government spending.

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