Technical issues to resume Kurdish oil exports resolved, says Iraqi MP
ERBIL (Kurdistan 24) – Technical issues that had hampered the resumption of the Kurdistan Region’s oil exports since late March have now been resolved, paving the way for restarting the process in the coming days, an Iraqi member of parliament told Kurdistan 24.
Erbil and Baghdad had negotiated the technical issues related to marketing, pricing, and the destination of the crude oil, following a temporary agreement they struck on April 4 to resume the Kurdistan Region oil exports.
Those issues have been “resolved” and the Iraqi Ministry of Oil will officially request Turkey to resume the Kurdish oil exports in the coming days, Nahro Rawanduzi, the deputy chair of the House of Representatives oil and gas committee, told Kurdistan 24 on Monday.
Ankara halted the 450,000 barrels per day of Kurdish export on March 25 at the request of Baghdad after the Paris-based International Court of Arbitration of the ICC – the International Court of Chamber – ruled that Turkey had violated an aspect of the 1973 pipeline agreement, awarding Iraq $1.5bn for the damages it had endured as the result of the breach.
The Erbil-Baghdad deal has been widely welcomed internationally and domestically, hailing the agreement as a pathway to overcoming the decade-old energy disputes.
Although the agreement is temporary, Kurdistan Region Prime Minister Masrour Barzani hoped its guiding principles will be reflected in the budget and hydrocarbon laws in the future.
The halt of Kurdish oil export, constituting 0.5 of the global supply, raised the prices of the commodity by nearly 5%. The halt also coincided with the 1.16 million bpd output cut by Iraq and other OPEC+ members.