Iraq’s Kurdistan Regional Government (KRG) saw its takings from crude oil sales fall in April despite greater export volumes and higher oil prices. Buyers have put down hefty pre-payments for crude, but frequently the KRG has been unable to meet its obligations and is now having to pay the price.

The Ministry of National Resources’ (MNR) Monthly Export, Lifting and Revenue Report for April states that “Buyer 3” took a cargo of 1,025,828 barrels last month without...