Iraq's Ministry of Natural Resources in Kurdistan region announced that oil revenues during August surpassed expectations and reached $1.5 billion. The ministry confirms that the region managed to overcome most financial obstacles for 2014, Iraq-based AlMada Press reports. It reveals that it has achieved an increase in oil revenues despite political and economic problems. The ministry notes that, since August 20, the ministry started selling oil directly to buyers who paid $1.24 billion in addition to $187.5 million, which were added to the region’s accounts in Kurdistan International Bank, for the region’s finance ministry. The statement adds that the Kurdistan regional government and five Kurdish parties approved the agreement to sell the region’s oil directly since last June and the government managed to provide its expenses, employees’ wages and pay the oil companies’ dues.
