$75m

Funds distributed to international oil firms in November.

rose 2.3 per cent to 22 pence in London yesterday, while Genel advanced 2.6 per cent and DNO gained 1.3 per cent in Oslo.

The KRG vowed to re-establish regular monthly payments in August, following an eight-month hiatus after disagreements with Iraq’s central government in Baghdad over how the region should be remunerated for its oil output.

The collapse in crude prices and the cost of fighting Daesh is making it harder for the KRG to balance its books.

“Any payment they make at this point is encouraging but it’s not transformational,” Shola Labinjo, a London-based analyst at Tudor, Pickering, Holt