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OIL: Iraq-Turkey Oil Flows Set for Resumption

OIL
BulletEnergy BulletsCommodities

Iraq's oil ministry said in a statement on Saturday that all procedures for the resumption of exports through the Iraq-Turkey pipeline were complete.

  • It’s oil minister said early last week flows would resume in a week flowing a two week hiatus but markets have been wary because of numerous prior failed attempts over the last two years.
  • Iraq will export 185,000 bpd from Kurdistan's oilfields through the Iraq-Turkey pipeline once the oil shipments resume, an Iraqi oil ministry official said on Sunday. No specific date has been provided yet.
  • U.S. President Donald Trump's administration is piling pressure on Iraq to allow Kurdish oil exports to restart or face sanctions alongside Iran, sources have told Reuters in recent days. Iraqi officials have denied the reports.
  • The Iraqi oil minister's announcement comes after the Iraqi parliament approved on February 2 a budget amendment that set a rate of $16/bbl for oil transport and production costs in Kurdistan.
  • The reports have added downward pressure for oil markets. 
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Iraq's oil ministry said in a statement on Saturday that all procedures for the resumption of exports through the Iraq-Turkey pipeline were complete.

  • It’s oil minister said early last week flows would resume in a week flowing a two week hiatus but markets have been wary because of numerous prior failed attempts over the last two years.
  • Iraq will export 185,000 bpd from Kurdistan's oilfields through the Iraq-Turkey pipeline once the oil shipments resume, an Iraqi oil ministry official said on Sunday. No specific date has been provided yet.
  • U.S. President Donald Trump's administration is piling pressure on Iraq to allow Kurdish oil exports to restart or face sanctions alongside Iran, sources have told Reuters in recent days. Iraqi officials have denied the reports.
  • The Iraqi oil minister's announcement comes after the Iraqi parliament approved on February 2 a budget amendment that set a rate of $16/bbl for oil transport and production costs in Kurdistan.
  • The reports have added downward pressure for oil markets.