Iraqi Kurdistan sinking fast
The future of the KRI's oil sector is uncertain, with the federal government determined to bring all the country's production and exports back under its wing
With so much happening that was out of the ordinary it was a surprise to find something routine taking place. On 10 November, international oil companies operating in the Kurdish Region of Iraq (KRI) announced they had received their regular monthly payment for oil sales. So far so good. But the relief felt by those companies will be nothing compared to their anxiety about the future. The Kurdish Regional Government (KRG) paid out a total of $100m to IOCs in November. It's inconceivable that outlays of this magnitude will be possible for long. The KRG often struggled to keep up with its IOC payments, just as it had difficulty providing regular wages to civil servants and Peshmerga fighters l
Also in this section
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
3 March 2026
The killing of Iran’s Supreme Leader Ayatollah Khamenei in US–Israeli strikes marks the most serious escalation in the region in decades and a bigger potential threat to the oil market than the start of the Russia-Ukraine crisis
2 March 2026
A potential blockade of the Strait of Hormuz following the escalating US-Iran conflict risks disrupting Qatari LNG exports that underpin global gas markets, exposing Asia and other markets to sharp price spikes, cargo shortages and renewed reliance on dirtier fuels
