Baghdad and Arbil have agreed on accumulation of Kurdish oil revenues in an account, which was opened in US bank JPMorgan, despite Ankara’s insistence on depositing the money in Turkish state-run lender Halkbank, according to media reports quoting sources.


Revenues from Kurdish oil, which is to be exported to world markets via Turkey, will be deposited in a New York-based bank account of the Development Fund of Iraq (DFI), sources have said.

Iraqi Prime Minister Nuri al-Maliki and Kurdistan Regional Government (KRG) Prime Minister Nechirvan Barzani reached a resolution in Baghdad over their differences on oil exports on Dec. 25, Anadolu Agency reported.