Weekend news – Iraq and Kurdistan resume oil exports after a two-year halt

Kurdistan to Restart Crude Exports – Iraqi Kurdistan authorities have reached an agreement with Iraq’s federal oil ministry to resume crude exports, marking a major step in resolving a long-standing oil dispute.

• A joint Iraqi and Turkish technical team are conducting final inspections of the Iraq-Turkey pipeline, with a decision on its operational status expected within 24 hours for shipments to Turkey’s Ceyhan port.

• The suspension followed a 2022 ruling by the International Chamber of Commerce, which sided with Iraq in a legal battle over the Kurdish region’s independent oil exports.

• Iraq’s Oil Ministry confirmed the first phase of resumed exports will see 185,000 barrels per day (bpd) sent to Turkey, with plans to gradually increase volumes to 400,000 bpd.

• Deputy Oil Minister Bassem Mohammed noted that restoring full production capacity will be a gradual process.

• Kurdistan’s Output Capacity at 300,000 bpd – The region currently produces 300,000 bpd, with 185,000 bpd allocated for exports and the remainder used domestically.

This article was written by Eamonn Sheridan at www.forexlive.com.