The KRG sold $612mn of crude oil in September, the most since November 2015, yet the government retained just $328mn of this according to the Ministry of Natural Resources (MNR), the lowest amount since May. Although payments to IOCs resumed last month after a near-50 day hiatus, some have already pressed pause on their investment plans.

Exports were boosted by the resumption of around 30,000 b/d exports from fields operated by Baghdad’s North Oil Company (NOC) in Kirkuk province (...