Bloomberg news agency warned that Kurdistan region oil prices have dropped under global oil prices. This situation has led to a sharp reduction in the revenues of the Kurdish region.

The Gulf Keystone Petroleum oil company, which extracts 36,000 barrels of crude oil daily from Shaikhan oilfield, has sold its oil for $21 per barrel last month, according to the report. However, Gulf Keystone Petroleum has received a letter from the Kurdistan Regional Government that the company will not receive a pay for this month.

Although Genel Energy Company has announced that it received part of its salary from the Kurdish region, Bloomberg emphasized that at least a few other foreign oil companies operating in the Kurdish region have faced the same fate of the Gulf Keystone Petroleum in the past month and have not received their payment.

Bloomberg news agency considers the postponing of the payment of foreign oil companies in the Kurdistan Regional Oil Industry will be damaging the region’s oil industry.

The sharp drop in oil prices following the outbreak of coronavirus has caused a sharp drop in income of the Kurdish region, and several foreign companies such as DNA and Genel Energy have announced a decline in oil production and an end to investment in the oil industry of the Kurdish region.

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