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(Image courtesy of SOMO)

Iraq has vowed to respond if the Kurdistan Regional Government (KRG) exports oil before an agreement is reached with Baghdad, according to Iraqi Deputy Prime Minister for Energy Hussain Al-Shahristani.

Al-Shahristani, speaking at a conference in London on Tuesday, said there would be possible fiscal repercussions if the warnings are not heeded.

Iraqi state marketer SOMO is the only body authorized to export the country’s oil.

“Any oil that leaves Iraq without the permission of SOMO is illegal and Iraq will have to take action to protect its oil wealth,” al-Shahristani said. “We have informed Turkey and the KRG that we cannot allow this to continue…We are waiting for a response to our latest proposal.”