Kurdistan's oil exports could return this week after an initial agreement was reached (Although there are perhaps larger stories for oil markets to digest today...)
- Apr 03, 2023, 12:20 AM CDT
"Following several meetings between the KRG and federal government, an initial agreement has been reached to resume oil exports jointly through Ceyhan [in Turkey] this week,"Ghafuri said the agreement would remain in effect until the Iraqi Parliament approves the new oil and gas law governing oil exports and revenue from the Kurdistan Region of Iraq.
Tensions heightened in February last year after the Iraqi Supreme Court made a landmark decision by ruling that a 2007 oil and gas law regulating the KRG’s oil industry was unconstitutional. While this week now looks more promising for a resumption of exports, the shutdown of the Ceyhan pipeline last week prompted some oil companies to start shutting down production due to a lack of storage capacity. Norway-based DNO ASA on Wednesday said it had started an orderly shutdown of oilfields while exports remain suspended.
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