Crude Oil Resumes Flow from Kurdistan to Turkey After Historic Deal
Crude oil has resumed flowing from Kurdistan in Iraq to Turkey after an interim agreement broke a longstanding stalemate. This development is part of a broader strategy to bring significant quantities of oil back to international markets. The deal involves multiple stakeholders, including the Kurdistan Regional Government and foreign oil firms.
In a significant breakthrough, crude oil is once again flowing from the semi-autonomous Kurdish region in Iraq to Turkey, marking the first such movement in over two and a half years. According to Iraq's oil ministry, this followed an interim agreement resolving a standoff that had persisted for years.
The deal, reached among Iraq's federal government, the Kurdistan Regional Government, and foreign oil producers, is expected to allow 180,000 to 190,000 barrels per day to reach Turkey's Ceyhan port. This development comes as OPEC+ is attempting to expand its output to capture a greater share of the global market.
Turkey confirmed the revival of exports, with plans involving varying revenue distribution among stakeholders. However, Norway's DNO and its partners have called for addressing outstanding financial arrears before fully committing to the renewed pipeline operation.
(With inputs from agencies.)
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