US EditionIraq Says It Will Resume Oil Exports From the Kurdish Region After a Halt of More than 2 Years
The agreement resolves a revenue dispute and will restart exports of 230,000 barrels per day through the Iraq-Turkey pipeline, ending a suspension since March 2023.
- On Wednesday, eight oil companies operating in Iraqi Kurdistan reached agreements in principle with Iraq's federal government and the Kurdistan Regional Government to resume exports via the Iraq-Turkey pipeline, allowing around 230,000 barrels per day to flow and SOMO to handle exports to Turkey's Ceyhan terminal.
- After March 2023, the pipeline closure followed an arbitration ruling that forced Turkey to pay Iraq $1.5 billion, costing Iraq and the Kurdistan Regional Government $26 billion in lost oil income.
- APIKUR noted that the signatories represent about 90% of Kurdistan's oil production, while Norway's DNO ASA and Britain's Genel Energy have not signed and seek payment guarantees; shipments could start within 48 hours with interim three-month compensation.
- Market analysts warn that restarting exports will add barrels amid expected oversupply, while Gulf Keystone Petroleum said returning to prices above $30 per barrel will be transformative.
- Baghdad is already negotiating with Turkey for a new pipeline deal before 2026, and APIKUR said companies and the Kurdistan Regional Government will meet within 30 days to settle debts as output could rise to 400,000 to 500,000 barrels a day.
17 Articles
17 Articles
Iraqi PM says agreed with Kurdish region to resume oil exports via Türkiye
BAGHDAD, Sept. 25 (Xinhua) -- Iraqi Prime Minister Mohammed Shia' al-Sudani on Thursday announced a deal under which the federal oil ministry will take crude produced in the semi-autonomous Kurdistan region and export it through a pipeline to Türkiye. Read full story
Iraq Expects Kurdistan Oil Exports to Restart This Week
Iraq expects crude oil exports from the semi-autonomous region of Kurdistan via pipeline to Turkey to resume this week, Iraqi Foreign Minister Fuad Hussein has told Bloomberg in an interview. Oil exports from Kurdistan have been halted for two and a half years, after they were shut in in March 2023 due to a dispute over who should authorize the Kurdish exports. Despite some breakthroughs in negotiations in recent months, the disagreements have …
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