Kurdistan Region resumed oil exports Saturday morning after halting shipments for more than two years. The first crude began flowing at 6:50 a.m. from Peshkhabour station toward Turkey's Ceyhan port under a new three-month agreement.
Officials plan to export 190,000 barrels daily while keeping 50,000 barrels for domestic consumption within the region. The deal involves Kurdistan authorities, Iraq's federal government and international oil companies working together through a trilateral framework.
Iraq's state marketer SOMO will handle all global sales using a Swiss trading firm. The suspension began March 25, 2023, following an international arbitration ruling that severely damaged the regional economy.
Prime Minister Masrour Barzani announced the breakthrough during a conference in Erbil and praised American officials for helping broker the arrangement between all parties involved.
Officials plan to export 190,000 barrels daily while keeping 50,000 barrels for domestic consumption within the region. The deal involves Kurdistan authorities, Iraq's federal government and international oil companies working together through a trilateral framework.
Iraq's state marketer SOMO will handle all global sales using a Swiss trading firm. The suspension began March 25, 2023, following an international arbitration ruling that severely damaged the regional economy.
Prime Minister Masrour Barzani announced the breakthrough during a conference in Erbil and praised American officials for helping broker the arrangement between all parties involved.
