Crude Oil Resumes Flow from Kurdistan to Turkey in Historic Deal
Oil is flowing once again from Kurdistan to Turkey after a deal ended a two-year hiatus. The agreement between Iraq, the Kurdistan regional government, and foreign producers involves exporting up to 230,000 barrels per day, with a plan to resolve outstanding debts to suppliers.
After a hiatus lasting two-and-a-half years, crude oil is flowing through the pipeline from Kurdistan to Turkey, as reported by local media. The resumption follows an interim agreement, beginning at 6 a.m. local time.
This accord involves Iraq's federal government, the Kurdistan Regional Government (KRG), and foreign oil producers. They have agreed to export between 180,000 and 190,000 barrels per day to Turkey's Ceyhan port, possibly rising to 230,000 bpd, aligning with OPEC+ efforts to boost output.
The Kirkuk-Ceyhan pipeline stopped in March 2023 due to a court ruling requiring Turkey to pay $1.5 billion for unauthorized exports. The new plan mandates KRG to deliver oil to SOMO, maintaining specific quotas for local use, while also addressing $1 billion in producer arrears.
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