Resumption of Oil Flow from Iraqi Kurdistan to Turkey After Two Years
The resumption of crude oil flow from Iraq's Kurdistan region to Turkey marks the end of a two-and-a-half-year halt due to a dispute over unauthorized exports. The renewed agreement, encouraged by the U.S., aims to stabilize oil prices by increasing supply, benefitting the Iraqi economy.
Crude oil transport from Iraq's northern Kurdistan to Turkey has resumed after being paused for over two years due to a complex dispute.
The suspension, initiated by an International Chamber of Commerce ruling, required Turkey to pay Iraq $1.5 billion in damages over unauthorized oil exports dating back to 2014.
With Kurdistan's oil flowing again, Iraq's exports stand to increase significantly, satisfying international demands, and potentially stabilizing crude markets amid rising global energy needs.
(With inputs from agencies.)
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- Crude oil
- Iraq
- Kurdistan
- Turkey
- ICC ruling
- oil market
- OPEC
- KRG
- SOMO
- export
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