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Iraq-Turkey Oil Exports Unlikely to Resume Soon

OIL

Oil exports from Iraq’s northern fields via the pipeline to the Turkish port of Ceyhan are unlikely to resume in the near future, after reports in late-August suggested flows will resume one technical works on the pipeline are completed.

  • Iraq’s Oil Minister Abdel-Ghani said on Sunday Iraq has not yet reached an agreement with Turkey to resume oil exports from the north.
  • Recent negotiations have failed to bring Baghdad and Ankara toward an agreement to restart Iraq’s northern oil exports, raising the likelihood that much of Iraqi Kurdistan’s oil production will remain offline for the foreseeable future.
  • The latest sign of acrimony was a court filing in the US on 7 September in which Turkey claims Iraq owes $957 million stemming from an arbitration ruling issued by the Paris-based ICC in late March according to the Iraq Oil Report.
  • Turkey is about to end technical works at the Iraq pipeline and aims to make it operational as soon as possible, the Turkish Energy Minister Alparslan Bayraktar said on 28 August.
  • Iraq’s oil production is currently at 4.23mbpd, with exports averaging 3.35mbpd, Abdel-Ghani said.
Energy BulletsCommodities
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