File - Workers check the valves at the Taq Taq oil field in Arbil, in Iraq's Kurdistan region, August 16, 2014. REUTERS/Azad Lashkari
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Iraq's government reached a temporary agreement with Kurdish regional authorities Tuesday to end a dispute over oil exports and budget payments to the semi-autonomous Kurdish region.Under the deal, 300,000 barrels per day of oil from Kirkuk will be exported via a pipeline running through Kurdish territory to Turkey, in addition to 250,000 bpd from the region's own fields.The crude will be sold by Iraq's state oil marketing organization (SOMO), representing a compromise by the Kurds, who have long insisted the constitution entitles them to sell oil on their own terms.The deal will help Iraq increase oil exports at a time when its budget is strained by low oil prices and the cost of financing a war against ISIS militants.
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