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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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    Türkiye refuses to pump Kurdistan's oil through the port of Ceyhan

    Rocky
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    Türkiye refuses to pump Kurdistan's oil through the port of Ceyhan Empty Türkiye refuses to pump Kurdistan's oil through the port of Ceyhan

    Post by Rocky Thu 20 Apr 2023, 4:59 am

    Türkiye refuses to pump Kurdistan's oil through the port of Ceyhan

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    An oil worker at the Dora refinery



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    Economy News - Baghdad
     
    Iraq needs to settle billions of dollars in financial claims with Turkey before resuming oil exports through a port on the Mediterranean, threatening to further delay the return of nearly half a million barrels per day to the market.
    Iraqi Prime Minister Muhammad Shia al-Sudani said yesterday, Tuesday, that he hopes that the country's oil flows will resume from the port of Ceyhan this week, after Turkey stopped them in late March.
    But although Baghdad struck a temporary deal with officials from the Kurdistan region of Iraq for the resumption of oil flows, it has not yet obtained Turkey's approval.
    It seems that Ankara wants to negotiate an international arbitration decision that condemned it to 1.5 billion dollars to Iraq regarding previous exports from "Ceyhan".
    Robin Mills, founder of the Dubai-based consultancy Qamar Energy, believes that "it could take months... the sticking point is the Turks."
    The Turkish government did not immediately respond to a request for comment.
    The conflict harms both Erbil and Baghdad, as it hinders hundreds of millions of dollars in oil production. Despite its relatively small size in the global market, it represents an additional disturbance for traders dealing with the repercussions of the "OPEC +" decision to cut production, and the interruption of supplies from Nigeria.
    Brent crude fell by about 4% this week, down from $84 a barrel, although the market will witness more tightness later this year in light of demand outstripping supply, according to analyzes by Goldman Sachs and the International Energy Agency.
    Paris decision
    Turkey halted pipeline flows on March 25 after an international business court ruled that the semi-autonomous Kurdistan region of Iraq should not have exported oil from the port of Ceyhan without Baghdad's consent.
    Iraq filed a case against Turkey as part of a broader attempt to control the regional government, which aspires to independence, and manage its resources. And Baghdad submitted a petition to a US court earlier this month to implement the decision of the Paris-based International Chamber of Commerce, which includes compensation of $1.5 billion. A separate arbitration case has been filed against Türkiye at the International Criminal Court.
    The dispute between Iraq and the Kurdistan Regional Government that goes back nearly a decade revolves around revenues from crude oil produced in the region. The central government says its oil marketing company, known as SOMO, must handle the province's shipments through Ceyhan.
    The KRG exports up to 400,000 barrels per day through the port of Ceyhan, compared to 75,000 barrels for the central government. Northern Iraq represents about 10% of the total 4.4 million barrels pumped per day in Iraq, as most of this oil is exported from the southern ports on the Arabian Gulf.
    Oil is the lifeblood of the KRI's economy, accounting for more than half of the KRG's revenues.
    Shares of Western oil companies operating in Kurdistan, including Norway's DNO and London-listed Genel Energy, have fallen since supplies were halted. Most companies shut down wells because they are running out of storage space.
    "This matter harms everyone," said Iraqi Prime Minister Mohammed Shia al-Sudani.


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