Kurdistan Region began shipping crude oil Saturday morning after a suspension lasting more than two years. The exports started at 6:50 a.m. from Peshkabour station toward Turkey's Ceyhan port. Officials plan to export 190,000 barrels daily while keeping 50,000 barrels for domestic needs.
Iraq's state oil marketer SOMO will handle all sales under the new three-month agreement. The deal involves the Kurdistan Regional Government, Iraqi Federal Ministry of Oil and international companies. Exports stopped in March 2023 following a legal dispute with Turkey.
International oil companies will receive $16 per barrel for production and transport costs. The agreement marks renewed cooperation between Baghdad and Erbil after years of political tension. Kurdish crude will reach European markets as an alternative to Russian oil supplies through Mediterranean shipping routes.
Iraq's state oil marketer SOMO will handle all sales under the new three-month agreement. The deal involves the Kurdistan Regional Government, Iraqi Federal Ministry of Oil and international companies. Exports stopped in March 2023 following a legal dispute with Turkey.
International oil companies will receive $16 per barrel for production and transport costs. The agreement marks renewed cooperation between Baghdad and Erbil after years of political tension. Kurdish crude will reach European markets as an alternative to Russian oil supplies through Mediterranean shipping routes.
