The KRG’s three refineries processed a record 100,500 b/d in 2015. But volumes slumped late in the year as Erbil pushed local crude producers to prioritize direct exports in a bid to maximize hard currency earnings.

Throughputs at Iraqi Kurdistan’s three ‘regular’ refineries averaged 100,500 b/d in 2015, up slightly on 2014’s previous record of 99,700 b/d. But run rates fell to 72% for 2015 as a whole and averaged just 60% for the last four months of the year,...