The KRG has published a report containing verified statistics covering the Kurdistan Region’s oil exports, consumption and revenues for period 1 January 2020 to 31 December 2020. The report revealed a severe drop in production and export due the Covid-19 pandemic. The region’s total exported and consumed oil for the year stood at 165,942,861 barrels, about 5 million barrels less compared to 2019.
The average price of oil dropped to $28.1 per barrel as global markets crashed during the second quarter, with the gross value of crude oil sold via pipelines standing at $4,443,842,235.
Transparency being central to the cabinet agenda, the KRG regularly assesses its oil and gas sector. From 2019 the KRG started providing information on the prepayment balances it owes to oil traders and in 2020 disclosures are further extended to include reconciliation between production and exports and local consumption. As the past years, the report was carried out by the international audit company Deloitte.
Find the consolidated Report 2020 here.
Find the FAQs on Oil & Gas Production, Consumption and Export here.