Turkey, Iraq to discuss resuming northern oil exports
QAMISHLI, Syria (North Press) – On June 19, a delegation from Turkey’s energy sector will visit Baghdad to talk with Iraqi oil officials about the resumption of Iraq’s northern oil exports, Basim Muhammad, the Iraqi deputy oil minister for upstream affairs, said on Thursday.
Muhammad stated that both sides agreed that it is crucial to resume oil exports as soon as possible, with Iraq prepared to pump 500,000 barrels per day once the flow restarts, Reuters reported.
Since March 25, Turkey has suspended Iraq’s northern oil exports, which amount to 450,000 barrels per day, through the Iraq-Turkey pipeline. The decision was made following an arbitration ruling by the International Chamber of Commerce (ICC).
The ICC ruled that the Kurdistan Regional Government (KRG) had conducted unauthorized oil exports between 2014 and 2018, resulting in damages of $1.5 billion to Baghdad. As a result, the ICC ordered Turkey to pay this amount as compensation.
The 80 days halt has cost the KRG over $2 billion, according to Reuters.