Iraqi Government, KRG Have Yet To Reach A Deal To Resume Oil Flows

Iraq's federal government and the KRG have not reached an agreement needed to resume oil exports from the Kurdistan region in northern Iraq to the Turkish port of Ceyhan, Iraqi oil minister Hayan Abdel-Ghani said.

• Reports last week from an Iraqi government spokesperson suggested technical matters holding back oil flows but this should only take a short period to resolve.
• Iraq’s crude oil production declined in April following the halt of around 450kbpd of Kurdish oil exports via Turkey. A Bloomberg survey estimates output decreased by 250kbpd last month to 4.13mbpd, while Kpler suggests output fell by 239kbpd to 4.2mbpd in April.
• Crude oil exports from Iraq stood at 3.288mbpd in April, down from 3.434mbpd in March according to the Iraqi Oil Ministry
• Turkey halted pipeline flows from the northern fields on 25 March after an international arbitration tribunal ruled that it had to pay around $1.5bn in damages to Iraq for facilitating KRG sales via Ceyhan.