Iraq's Kurds said they are ready to strike an agreement with the central government in Baghdad on a deal to increase oil exports if it guarantees them monthly revenue of $1 billion, more than double what they make currently from selling oil.
After a year of secret diplomacy and hushed-up private talks around the world, Opec's mighty Saudi Arabia and rival Venezuela were persuaded to cut a deal by non-Opec Mexico which overcame mutual acrimony and led to a much-needed rise in oil
Saudi Aramco and India's Reliance Industries have not yet concluded a term contract to import diesel and gasoline, three industry sources said, fanning market speculation that the long-standing annual deal may not be renewed.
Baghdad and Kurdish regional authorities are making progress to rescue a deal over crude oil exports, Iraq's oil minister said on Sunday, after it nearly unravelled due to Kurdish threats to halt shipments in protest over lack of payment.
Iraq and northern Kurdistan appear to have found a formula that will allow the autonomous region to export oil to Turkey in a new pipeline, a step towards resolving a long-running dispute over land and oil rights.
Turkish Energy M
Royal Dutch Shell is exploring possibilities in Iraqi Kurdistan, sources said, having seen rivals Exxon Mobil and Total risk Baghdad's wrath by moving into autonomous northern region while developing major oilfields in the south.
The chief executive of US oil major ExxonMobil reaffirmed the company's commitment to its oil deal with Iraq's autonomous northern Kurdish region, a statement from the Kurdish presidency website said.
Iraq's central government
Total should not sign oil deals with the Kurdistan region without Iraq's approval, Deputy Prime Minister for Energy Hussain Al-Shahristani said on Sunday, warning the French major would bear the 'full consequences' if it did.