After 18 years of division, Iraq has entered a new era of energy unity. link to My FX Buddies Blog
The State Oil Marketing Organization (SOMO) has released the full details of the historic tripartite oil agreement between Baghdad, Erbil, and the international oil companies operating in the Kurdistan Region — a deal that could permanently reshape Iraq’s oil policy and financial future.

At a press conference, SOMO Director Ali Nizar Faiq explained that the deal was reached through “constructive, professional negotiations” and includes a new mechanism to compensate companies operating in Kurdistan. The agreement establishes:

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• $16 per barrel compensation to the Kurdistan Region and its oil partners

• Revenues deposited into Iraq’s account at the U.S. Federal Reserve

• In-kind payments to replace direct cash transfers

• Oversight by an independent international consulting firm to verify production and transport costs

The first phase of exports begins with 190,000 barrels per day, with 50,000 barrels reserved for domestic use in Kurdistan.
Iraqi Prime Minister Mohammed Shia al-Sudani called it “an achievement we have been waiting for 18 years,” while KRG Prime Minister Masrour Barzani said it marks “a new chapter for fair wealth distribution and national partnership.”

Experts like Nabil al-Marsoumi and Hoshyar Zebari believe this could become a permanent agreement — a long-term framework that strengthens Iraq’s sovereignty, attracts global investment, and restores stability to the nation’s energy sector.

This historic deal doesn’t just restart oil exports — it redefines Iraq’s future.