Iraq Announces Resumption of Kurdistan Oil Exports to Turkey
Iraq's oil authorities have announced that shipments of crude oil from the Kurdistan region to Turkey's Mediterranean port of Ceyhan are set to recommence within the next few hours, according to Oil Minister Hayyan Abdulghani. This marks the end of a more than two-year halt during which the Kirkuk grade's exports were suspended.
Expected Restart and Production Outlook
Abdulghani indicated that the oil from Kurdistan would start flowing through the state-owned company SOMO to Ceyhan either today or tomorrow. He emphasized that resuming exports could encourage other companies to restart operations and boost overall production.
Uncertain Timeline Due to Political Disagreements
The exact timeline for the availability of Kirkuk crude for export remains uncertain. Despite previous statements suggesting an imminent restart, political disagreements among Baghdad, the Kurdistan Regional Government (KRG), and international oil companies have hindered implementation.
Oil Production Sharing Agreement
In July, Baghdad and the KRG reached an agreement on oil production sharing. The d...