
Iraqi exports via Turkey's Ceyhan pipeline to resume on Wednesday or Thursday
Abdel-Ghani said an agreement had been concluded with the Kurdistan Regional Government to resume the crude oil exports via Turkey's Ceyhan pipeline.
He said that "80,000 barrels per day will be exported via Turkey's Ceyhan pipeline through SOMO," INA quoted him as saying, referring to Iraq's state-owned oil marketer.
The Kirkuk-Ceyhan pipeline has been offline since 2023, after an arbitration court ruled that Turkey should pay $1.5 billion in damages for unauthorised exports between 2014 and 2018. Turkey is appealing the ruling.
The pipeline was transporting around 450,000 barrels per day (bpd) of Iraqi oil, including 370,000 bpd of KRG crude.
Baghdad said that SOMO was the only party authorised to manage crude exports via the Turkish port.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Reuters
2 days ago
- Reuters
Russia decree opens door for Exxon return to Sakhalin-1 project
MOSCOW, Aug 15 (Reuters) - Russian President Vladimir Putin on Friday signed a decree that could allow foreign investors, including top U.S. oil major Exxon Mobil (XOM.N), opens new tab, to regain shares in the Sakhalin-1 oil and gas project. The signing of the decree comes on the day Russian president Vladimir Putin meets Donald Trump in Alaska for a summit where opportunities for investment and business collaboration will be on the agenda, alongside talks to find peace in Ukraine. Friday's decree was published as a follow-up to one Putin signed in October 2022, which ordered the seizure of the Sakhalin-1 project. Exxon previously held a 30% operator share in the lucrative project, and is the only non-Russian investor to have quit its stake. Exxon did not immediately reply to Reuters request for comment. The path to Western investment returning to Russia is unclear given the U.S. and European Union would need to lift far-reaching sanctions to facilitate investment. Companies who might wish to return, having spent significant amounts of money to exit the country three years ago, also face high barriers put up by the Russian government. Trump and his team have considered what sanctions they may be able to lift quickly in the case of progress in talks. Sakhalin-1 has to date not been directly designated under extensive U.S. sanctions on Russian energy. The decree stipulates that foreign shareholders must undertake actions to support the lifting of Western sanctions if they want to regain their share. They must also conclude contracts for supplies of necessary foreign-made equipment to the project, and transfer funds to Sakhalin-1 project accounts. Exxon took an impairment charge of $4.6 billion to exit its Russian business after Moscow sent troops into Ukraine in February 2022. In December 2024, Putin signed a decree extending the sale period for the unclaimed Exxon stake in Sakhalin-1 until 2026. The October 2022 decree established Rosneft subsidiary Sakhalinmorneftegaz-shelf as the new operator, allowing the Russian government to decide foreign investors' ownership rights in Sakhalin-1. Alongside Exxon, Russian company Rosneft ( opens new tab, India's ONGC Videsh ( opens new tab and Japan's SODECO were partner investors. The Russian government allowed both ONGC Videsh and SODECO to keep their stakes.


Reuters
2 days ago
- Reuters
US oil and gas rig count holds steady this week, Baker Hughes says
Aug 15 (Reuters) - U.S. energy firms this week held the number of oil and natural gas rigs operating steady, energy services firm Baker Hughes (BKR.O), opens new tab said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, remained at 539 in the week to August 15. , , Baker Hughes said oil rigs rose by one to 412 this week, while gas rigs fell by one to 122. The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output. The independent exploration and production (E&P) companies tracked by U.S. financial services firm TD Cowen said they planned to cut capital expenditures by around 4% in 2025 from levels seen in 2024. That compares with roughly flat year-over-year spending in 2024, increases of 27% in 2023, 40% in 2022, and 4% in 2021. Even though analysts forecast U.S. spot crude prices would decline for a third year in a row in 2025, the U.S. Energy Information Administration (EIA) projected crude output would rise from a record 13.2 million barrels per day (bpd) in 2024 to around 13.4 million bpd in 2025. On the gas side, the EIA projected a 65% increase in spot gas prices in 2025 would prompt producers to boost drilling activity this year after a 14% price drop in 2024 caused several energy firms to cut output for the first time since the COVID-19 pandemic reduced demand for the fuel in 2020. The EIA projected gas output would rise to 106.4 billion cubic feet per day (bcfd) in 2025, up from 103.2 bcfd in 2024 and a record 103.6 bcfd in 2023.


Reuters
2 days ago
- Reuters
Enterprise says Seaway oil pipeline system resumes full operations after leak
NEW YORK, Aug 15 (Reuters) - Enterprise Products Partners (EPD.N), opens new tab said on Friday the Seaway crude oil pipeline system had resumed full operations after a leak from the company's oil terminal in southeast Houston earlier this week. A portion of the Seaway pipeline went down on Tuesday night, impacting crude oil flows on the pipeline, which runs from Cushing, Oklahoma, to the Freeport, Texas, area and connects to the Enterprise Crude Houston (ECHO) terminal. The restart process occurred in stages and the pipeline began to transport volumes late on Thursday, the company said, declining to provide details on how many barrels were impacted by the leak. The price of West Texas Intermediate crude at the East Houston terminal, called MEH, traded at a $1.25 premium to WTI at Cushing on Thursday, about 45 cents higher than on Monday, before the leak occurred. The ECHO terminal is a physical delivery point for Midland crude oil in Houston and provides crude oil storage to customers with access to major refineries along the Texas Gulf Coast. The facility has connections to marine terminals that in turn supply other domestic and international refineries. The Seaway pipeline is a 50-50 joint venture between Enterprise, which operates the line, and Canada's Enbridge ( opens new tab.