Iraq Finalizes Procedures to Resume Oil Exports via Iraq-Turkey Pipeline After Two-Year Halt

Iraq's oil ministry announced on Saturday the completion of all procedures necessary to resume oil exports through the Iraq-Turkey pipeline. This follows a near two-year disruption of crude flows due to disputes between Baghdad and Erbil. The Iraqi oil minister stated on Monday that exports from the Kurdistan region are expected to restart next week.

The Iraqi parliament approved a budget amendment on February 2, setting a $16 per barrel rate for oil transport and production costs in Kurdistan. The amendment also mandates the Kurdistan Regional Government (KRG) to transfer its oil output to the State Oil Marketing Organization (SOMO). The oil ministry has requested the KRG to begin delivering crude to SOMO to facilitate the resumption of exports.