Iraq And Kurdistan Agreed To Resume Oil Exports Via Turkey

Will oil prices stabilize?

Iraq has agreed with Kurdistan to resume oil exports through a pipeline that passes through Turkey, among other places. The first deliveries will be today.

According to Bloomberg.

According to Iraqi Oil Minister Hayyan Abdul-Ghani, oil deliveries will resume Wednesday at 10:00 local time. Meanwhile, the Kurdistan government has also confirmed the resumption of supplies.

The publication explains that the pipeline - which carries exports from the Kurdistan and Kirkuh fields to Turkey's Mediterranean port of Ceyhan - is far from the conflict-ridden Persian Gulf. Shipments through it were halted in early March as part of a series of preventive actions.

Abdul-Ghani said earlier that Iraq was capable of shipping at least 150,000-200,000 barrels of oil a day from Kirkukh, as well as 210,000 barrels a day from Kurdistan via the northern pipeline.

Iraq's current oil production is between 1.3 and 1.4 million barrels per day, down from 4.3 million barrels before the closure of the Strait of Hormuz.

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