Iraq is studying a change in its federal budget which would allow Bagdad to pay international oil companies operating in Kurdistan, enabling the resumption of oil exports via the Ceyhan pipeline, PM Mohammed Shia Al-Sudani said, cited by Bloomberg.

• The change would require the government to pay an average of $8/b as a recovery cost for oil produced in Iraq outside of Kurdistan. The recovery cost in Kurdistan stands at $21/b.
• The shutdown of the Ceyhan pipeline which exports oil from Kurdistan to Turkey has slashed the country’s revenue amid a drop in 470k b/d of exports.
• Kurdistan’s production is now down to around 80-90k b/d, Al Sudani said.

Source: Bloomberg