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Kurdistan Region Oil Price and Production Crashed due to Spread of COVID-19 During 2020

Erbil, Kurdistan Region, Iraq (GOV.KRD) – The Kurdistan Regional Government released its annual oil and gas audit report for 2020, which revealed several drops in production due to the COVID-19 pandemic.

The region’s total exported and consumed oil for the year stood at 165,942,861 barrels, about 5 million barrels less comparing to 2019.

The average price of oil dropped to $28.1 per barrel as global markets crashed during the second quarter, with the gross value of crude oil sold via pipelines standing at $4,443,842,235.

As of Q4 2020, $294,315,126 of KRG funds remained held in a bank account in Lebanon due to restrictions on transferring foreign currency outside the country.

The 2020 oil and gas sector audit was performed by international auditing firm Deloitte, as part of KRG efforts promote transparency inside the government.

The full 2020 audit report is available here:

https://gov.krd/english/information-and-services/open-data/deloitte-reports/deloitte-report-2020/

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