4 days ago
KRG to resume oil exports under Baghdad–Erbil agreement
Shafaq News – Erbil
On Wednesday, the Kurdish Ministry of Natural Resources and Iraq's Ministry of Oil reached an agreement to restart crude oil exports from the Region.
Oil exports from Kurdistan to Turkiye's Ceyhan port have been halted since March 2023, after a Paris arbitration ruling ordered Turkiye to stop loading KRG crude without Baghdad's consent, removing about 450,000 barrels per day from global markets.
According to information obtained by Shafaq News, the agreement stipulates that exports will be conducted based on the fields' daily production, with 50,000 barrels allocated to meet Kurdish domestic needs. The remaining quantities will be delivered to the state-run Oil Marketing Organization (SOMO).
The information also indicated that exports can only resume after discussions between Baghdad and Ankara. Earlier, Turkish President Recep Tayyip Erdogan signed a decree to terminate the crude oil pipeline agreement with Iraq covering exports through the Ceyhan port, with the termination set to take effect on July 27, 2026.
