Iraq has resumed crude exports from its Kirkuk fields to Turkey’s Ceyhan port via pipeline, based on an agreement between Baghdad and the Kurdistan Regional Government (KRG). The North Oil Company confirmed that initial export capacity will be 250,000 barrels per day. Both sides agreed to form a joint committee to prepare for resuming oil exports and ensure revenue returns to the federal treasury.
Key Takeaways
Iraq has resumed crude oil exports from the Kirkuk fields to Turkey’s Ceyhan port via pipeline after reaching an agreement between Baghdad and the Kurdistan Regional Government (KRG). The initial export capacity will be 250,000 barrels per day. Both sides agreed to form a joint committee and take necessary security measures to protect oilfields and ensure continuous operations. International oil prices have seen fluctuations due to disruptions caused by the US-Israeli war on Iran.
The KRG confirmed the agreement, stating that necessary security measures would be taken to protect oilfields and ensure continuous export operations. KRG Prime Minister Masrour Barzani emphasized the need to lift restrictions on imports and trade to provide a safe environment for oil and gas companies.
The resumption of exports comes amid significant disruptions in global oil flows due to the US-Israeli war on Iran, which has caused international oil prices to rise by roughly 30%. Oil production from Iraq’s southern fields has fallen by 70% to just 1.3 million barrels per day as the conflict effectively shut the Strait of Hormuz.
Iraq is also working to restore a disused pipeline that would allow direct exports from Kirkuk to Ceyhan without passing through the Kurdistan region. Oil Minister Hayan Abdel-Ghani stated that an inspection of a 100-km section of the pipeline will be completed within a week, enabling direct exports.
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