Iraqi Kurdistan—back to square one
The independence vote heralded political and economic disaster. Existential uncertainty now faces the region's oil sector
When he proceeded with the independence referendum in September, the Kurdistan Region of Iraq's President Massoud Barzani misread the post-Islamic State moment, alienated international allies and stirred Baghdad's animosity. Friendless and out-gunned, the KRI's Peshmerga forces capitulated when Iraqi federal troops swept into the contested city of Kirkuk and a vast belt of disputed territories across northern Iraq in mid-October. Soon after, the KRI lost 280,000 barrels a day of oil production and around 6bn barrels in proven reserves when Iraqi forces restored Baghdad's control of the Bai Hassan oilfield and the Avana Dome of the Kirkuk field. They kicked out KRI-appointed contractor Kar Gr
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
