The Kurdish Autonomous Region (KAR) today reached an agreement with the Iraqi federal government to resume oil exports from Turkey after a protracted lawsuit drove up the price of crude oil. Bloomberg reports.
It is the result of several meetings between the governments of the Kar and Iraq. “There is now an agreement on the resumption of oil exports through Ceyhan port, which will come into effect this week,” Kurdish spokesman Lawk Ghafuri said.
Early last month, Turkey shut down an oil pipeline from northern Iraq to Ceyhan after an international trade tribunal ruled that KAR could not export oil from Ceyhan without Baghdad’s explicit approval. That declaration was part of Iraq’s longstanding effort to regulate raw materials in Kurdistan, while Kurdistan had until then operated independently.
400,000 barrels per day
The deal applies to more than 400,000 barrels of Iraqi oil exported from Turkey per day and will remain in effect until a new oil and gas law is passed by the Iraqi parliament.
Source: BNR
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