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2014-05-01 18:53:00

KURDS INVITES OIL

KURDS INVITES OIL

A senior official of the Kurdistan region of Iraq has said the authorities will auction off 1.5m barrels of crude oil held at a storage point in Turkey on Friday in defiance of threats from Baghdad.

The Kurdistan Regional Government (KRG) has clashed with Baghdad after being instructed to accept severe budget cuts. It has shipped its oil production to Turkey despite a ban on exports imposed by Baghdad, which claims its oil ministry must approve all sales and exports.

Iraq is holding its third post-invasion election and Kurdish officials have said they would move quickly to shore up the region's fiscal position…

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Tags: KURDISTAN, OIL
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