(Bloomberg) — Iraq’s oil minister stated he’s hoping crude oil exports from the nation’s northern Kurdistan area will restart in two days after it was halted nearly two years in the past following a funds dispute.
The nation is in contact with Turkey on technical points earlier than it could resume shipments by way of the hyperlink that runs to the Mediterranean port of Ceyhan, Iraqi Oil Minister Hayyan Abdul Ghani stated at a convention in Baghdad on Monday.
“As quickly as Turkish approval arrives, the exports will likely be resumed,” he stated. “We hope within the subsequent two days.”
The resumption of the pipeline has been in focus over the previous month after Iraq’s parliament permitted increased funds to corporations working within the Kurdistan area. Deputy Oil Minister Basim Mohammed Khudair stated over the weekend that about 185,000 barrels a day of crude could be shipped by way of the pipeline.
Whereas that’s lower than half of what the hyperlink was transporting earlier than it stopped in March 2023, it should nonetheless add further volumes to a world market that’s contending with the prospect of a surplus. Iraq has stated it is going to be compliant with OPEC+ manufacturing quotas regardless of the pipeline’s resumption.
Additionally learn: Iraq Says It’s Able to Restart Oil By way of Turkish Pipeline
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