Iraq-Kurds Oil Export Breakthrough with Turkey
Iraq's federal and Kurdish regional governments have struck a deal with oil firms to resume crude exports via Turkey. This agreement, subject to Iraqi cabinet approval, aims to restart 230,000 barrels per day of Iraqi Kurdistan's exports, pending technical arrangements. Sales will involve an independent trader using official SOMO prices.
In a significant development, Iraq's federal and Kurdish regional governments have reached an agreement with oil companies to restart crude exports through Turkey, multiple oil officials told Reuters on Monday.
This deal will facilitate the resumption of approximately 230,000 barrels per day from Iraqi Kurdistan, which have been suspended since March 2023 due to geopolitical tensions. Government sources confirmed that technical procedures are set to commence on Tuesday, with oil flows expected within 48 hours.
The accord, which is pending approval from the Iraqi cabinet, outlines the Kurdistan Regional Government's delivery commitment of at least 230,000 barrels per day to Iraq's state oil marketer SOMO. Additionally, 50,000 barrels are reserved for local use, and an independent trader will manage sales from Turkey's Ceyhan port at SOMO's official rates.
(With inputs from agencies.)
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