Iraq’s Kurdish region may be able to gain more autonomy and increase crude exports after taking control of territory around the nation’s fourth-largest oil field, analysts from Saxo Bank A/S and JBC Energy GmbH said.
A tanker containing a million barrels of crude oil is floating around the Mediterranean, and its cargo is available at half-price. Any country seizing the bargain is helping Iraq’s Kurds to win greater independence.
Iraq’s government will start making payments to international oil companies working in the northern Kurdish region next week, said Ashti Hawrami, natural resources minister in the Kurdistan Regional Government.
Exxon Mobil Corp. is honoring its oil exploration contracts in the semi-autonomous Kurdistan region of northern Iraq, the Kurdish minister for natural resources said in disputing a report from Iraq’s government.
Brent crude fell for a second day on signs violence in Iraq may not affect the nation’s oil supply. West Texas Intermediate dropped amid speculation that gains to a nine-month high last week were excessive.