Iraq has won a pending arbitration case over the export of crude oil from the semi-autonomous region of Kurdistan. Bloomberg reports it. Turkey has already informed Iraq that it will honor the case and will not export a drop of Kurdistan crude oil without Iraq’s explicit consent.
The case originally dates back to 2014, when Baghdad believed that Turkey had violated a 1973 agreement with Iraq by allowing the Kurdish regional government to export crude oil via pipeline to the Turkish port of Ceyhan without Iraq’s consent.
mechanisms
It is now up to Iraq’s oil ministry to ‘discuss the mechanisms’ to resume further exports of Iraqi oil from the port of Ceyhan. The Iraqi government wants to resolve the issue together with Turkey, so that exports are guaranteed and international commitments are effectively kept, according to a statement.
More than 1 million barrels per day passed through the Ceyhan terminal in January, which represents around 1% of global supply. Baghdad sends Ceyhan 75,000 bpd, while the Kurdish regional government sends more than 400,000 bpd.
Source: BNR
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