Summary
Iraq has restarted oil exports from the Kurdistan region to Turkiye after a two-and-a-half-year pause due to a legal and technical disagreement. This restart follows an agreement among Iraq's federal government, the Kurdish regional government, and international oil companies. The deal allows for up to 190,000 barrels of oil per day to be exported to Turkiye.
Key Facts
- Oil exports from the Kurdistan region to Turkiye resumed after a two-and-a-half-year stop.
- The pause was due to legal and technical disputes between Baghdad and Erbil.
- The agreement was between Iraq's federal government, the Kurdistan regional government, and international oil producers.
- Exports will reach Turkiye's Ceyhan port, allowing up to 190,000 barrels per day.
- U.S. officials supported the agreement for its expected benefits to the markets.
- OPEC's output rise aims to capture more market share.
- Kurdistan oil companies and authorities plan to meet to address a $1 billion debt.
- Control over oil exports has been a major issue between Iraq's central and Kurdish regional governments.
