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Kurdish Oil Delays Sustained

OIL

Turkey will not allow exports of crude from northern Iraq to resume from its Ceyhan port until it gets a response from Baghdad about having a meeting on an outstanding arbitration according to Argus sources.

  • Although a deal was signed between the KRG and Baghdad on 4 April, which was meant to lead to the resumption of crude exports, Ankara is holding off pending assurances about a second arbitration case.
  • The most recent cargo of KRG crude to load from Ceyhan was on the Mareta on 24 March.
  • The issue has knocked about 400-450,000 bpd of crude off the market and has been a key driver of oil prices in recent weeks.
Energy BulletsCommodities
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