Resumption of Kurdistan's Oil Flow to Turkey After Two-Year Hiatus
Crude oil flows from Iraq's Kurdistan to Turkey's Ceyhan port have resumed at 150,000-160,000 barrels per day. The resumption comes after agreements between eight oil companies, Baghdad, and the Kurdistan Regional Government, allowing crude delivery to SOMO and an independent trader handling sales.
In a significant development, crude oil flows from Iraq's Kurdistan region have resumed, heading towards Turkey's Ceyhan port at a rate of 150,000 to 160,000 barrels per day, according to industry sources.
This marks the first flow in over two and a half years, following agreements between eight oil companies, Baghdad, and the Kurdistan Regional Government. The arrangements involve the Kurdistan Regional Government delivering crude to SOMO, Iraq's national oil marketing entity.
Moreover, an independent trader will manage the sales from Ceyhan, utilizing SOMO's official pricing as OPEC+ countries aim to enhance market share through increased production. The producers are set to receive $16 per barrel as part of the deal.
(With inputs from agencies.)
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