The KRG this week resumed payments to IOCs on the back of output gains – but two months late. Delays have already led investment plans to be pushed back: production will suffer as a result.

Anticipating an oil export boost for September, northern Iraq’s Kurdistan Regional Government (KRG) this week made its first payments to IOCs in nearly 50 days. But Erbil is not out of the woods yet and firms will need further reassurances before resuming delayed investment plans in the...