Iraq announced on Friday that it will officially declare the resumption of oil exports from the Kurdistan region in the coming hours, through the State Oil Marketing Organization (SOMO) via the Turkish Ceyhan terminal, according to the Iraqi Ministry of Oil.
Strategic importance of Ceyhan Terminal
Iraq announced on Friday that it will officially declare the resumption of oil exports from the Kurdistan region in the coming hours, through the State Oil Marketing Organization (SOMO) via the Turkish Ceyhan terminal, according to the Iraqi Ministry of Oil.
The initial flow of oil exports is expected to start at 185,000 barrels per day, with a gradual increase in output over time.
The decision marks a significant step in resolving the long-standing disputes over oil exports between the Iraqi federal government and the Kurdistan Regional Government (KRG).
The pipeline, which had been shut down since March 2023, is now set to resume operations, potentially boosting Iraq's oil revenues and strengthening economic ties with Turkey.
The Ceyhan terminal, located on Turkey's Mediterranean coast, serves as a key export hub for Iraq’s crude oil. The suspension of Kurdish oil exports through this route had impacted the regional economy, with major oil companies operating in Kurdistan facing financial challenges.
With the resumption of exports, Iraq aims to increase its oil output, stabilize relations with Turkey, and ensure better revenue-sharing mechanisms between Baghdad and Erbil.
More details regarding the export agreement and potential long-term arrangements are expected to be disclosed soon.
By Hamas Gorba
Negotiating teams from the U.S. and Iran could return to Islamabad later this week, five sources said on Tuesday, days after the highest-level talks between the two countries in decades ended without a breakthrough.
The deadline passed on Monday for the start of a U.S. military blockade of ships leaving Iran's ports, and Tehran threatened to retaliate against ports of its Gulf neighbours after weekend talks on ending the war broke down.
Israeli troops launched an attack on Monday to seize a key town in south Lebanon from Hezbollah fighters holed up there, pressing the war on the Iran-backed group on the eve of rare talks between Israeli and Lebanese government envoys.
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