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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    How will stopping Kurdistan's oil to Turkey affect the region's economy?

    Rocky
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    • Post n°1

    How will stopping Kurdistan's oil to Turkey affect the region's economy? Empty How will stopping Kurdistan's oil to Turkey affect the region's economy?

    Post by Rocky Fri 02 Sep 2022, 8:44 am

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    2022.09.02 - 09:17
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    [size=18]Baghdad - people  [/size]
    A Reuters report highlighted the implications if the flow of Kurdistan's oil to Turkey stopped, noting that this would negatively affect the region's economy.   
      
      
    And the agency said in a report followed by "NAS" (September 2, 2022): " Any stop to the flow of oil through the pipeline connecting Iraq and Turkey would lead to the collapse of Kurdistan's economy in addition to pushing Turkey to obtain more crude from Iran and Russia, according to a letter (( HKN) to representatives of the United States.  
    Neither the Kurdistan Ministry of Natural Resources nor the Oil Ministry in Baghdad responded to a request for comment.  
      
    And the pipeline between Iraq and Turkey can pump up to 900,000 barrels per day, representing approximately one percent of the total daily global demand, from both the Iraqi Oil Marketing Company (SOMO) and the government of Iraqi Kurdistan.  
      
    However, 500 thousand barrels are being pumped from the fields in northern Iraq, which will find it difficult to increase supplies unless there are new investments.  
      
    Analysts expect companies to withdraw from Kurdistan if conditions do not improve. Many foreign companies have already lost interest.  
      
    These companies were introduced to Kurdistan during the era of former President Saddam Hussein, when the region was seen as more stable and secure than the rest of Iraq.  
      
    As security deteriorated, the few remaining companies, mostly small and medium-sized ones, also sought a US role to help deter attacks on energy infrastructure as well as enhance security in general.  
      
    According to people with direct knowledge of the matter, the companies backed letters sent by members of Congress to Secretary of State Anthony Blinken in August. The sources requested anonymity due to the sensitivity of the matter.  
      
    The letters demanded high-level consultations between Erbil and Baghdad to secure the stability of Kurdistan and stave off Iranian interference in Iraq.  
      
    American interest waned  
    US State Department spokesman Ned Price said on August 16 that the differences between Baghdad and Erbil are differences between the two sides, but that the United States could encourage dialogue.  
      
    In July, the US State Department summoned the American legal consultancy firm (Vinson & Elkins), which represents the Iraqi Oil Ministry in Baghdad, to provide a briefing in Washington regarding the dispute over the Iraq-Turkey pipeline. According to an informed source, two more briefings are likely to be given in Baghdad and Washington.  
      
    James Loftis, partner in Vinson & Elkins, said, "Baghdad will certainly welcome any US statements by the leadership of Iraqi Kurdistan that it must abide by the Iraqi constitutional measures related to the oil sector in Iraq."  
      
    The US State Department declined to comment, but industry experts do not recommend US intervention or rule out that it would work if it did.  
      
    "The United States has withdrawn its hand from Iraq over the past decade. Any pressure from Washington or others will not resolve the differences between Baghdad and the Kurds," said Raad al-Qadri, managing director of energy, climate and sustainability at Eurasia Group.  
      
    A Kurdish official told Reuters in August that the Kurdistan government had asked the United States to [You must be registered and logged in to see this link.] its defense capabilities, but said it was not counting on that because the United States' top priority is to revive the nuclear deal with Iran.  
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