The Kurdish Autonomous Region of Iraq will temporarily increase oil exports, Trend reports.
The Iraqi parliament has been considering the bill on oil for 7 years. The document would allow the federal and regional governments to develop oil and gas developments together with 60% of income for the central government and 40% for the regional.
According to BP, Iraq had 143.1 billion barrels of oil reserves in late 2011, making it OPEC’s third oil-rich state after Saudi Arabia and Iran. Iraq was extracting 2.798 million barrels of oil daily in late 2011.
The Kurdish Autonomous Region has about 45 billion barrels of oil reserves.
