BREAKING NEWS

Iraqi Kurds push for recognition of oil deals

By ASSOCIATED PRESS

DECEMBER 28, 2010 16:54

BAGHDAD — Iraq's Kurds said Tuesday they won't resume oil exports from their self-ruled territory unless the central government recognizes the contracts they have already signed on their own with international energy companies.

The Kurds' condition could foil ambitious Iraqi plans to raise daily oil exports to 2.25 million barrels in 2011 from the current 1.9 million. Oil revenues account for nearly 95 percent of Iraq's budget as the energy-rich nation tries to rebuild the country after decades of wars and international sanctions.

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