2023-06-19 15:17:00
June 19, 2023
Baghdad / Obelisk Al-Hadath: Two officials in the oil sector said that a technical delegation in the field of energy from Turkey met with Iraqi officials in the oil sector in Baghdad to discuss the resumption of oil exports from northern Iraq.
The Undersecretary of the Iraqi Oil Minister for Extractive Affairs, Bassem Muhammad, had said before the meeting that the two parties had reached an agreement that it was necessary to resume oil exports as soon as possible, and we were ready to pump 500,000 barrels of oil per day in the event of resumption of pumping, according to Reuters.
Turkey stopped exports amounting to 450 thousand barrels per day from northern Iraq through the Iraqi-Turkish pipeline on March 25 after the International Chamber of Commerce issued its ruling in an arbitration case.
The Chamber ordered Turkey to pay Baghdad $1.5 billion in compensation for the damages it suffered from the Kurdistan Regional Government of Iraq’s export of oil without a permit from the government in Baghdad between 2014 and 2018.
Reuters calculations found that the 80-day outage has cost the KRG more than $2 billion.
The crude oil pipeline extends from the Kurdistan region in northern Iraq to the Turkish port of Ceyhan. The Kurdistan Regional Government began exporting crude independently of the Iraqi federal government in 2013, a move Baghdad deemed illegal.
Attempts to restart the pipeline were delayed by last month’s Turkish presidential election and discussions between the Iraqi government’s Oil Marketing Company (SOMO) and the KRG over an export deal that has now been reached.
Obelisk – follow-up – agencies
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