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[size=45][size=41]US agency: Millions of dollars in damages to Baghdad and the region as a result of the oil shutdown[/size]
15 hours ago
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15 hours ago
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Bloomberg News Agency said that Iraq needs to resolve Turkey's demands, estimated at billions of dollars, before resuming oil exports through the Turkish port.
The agency added, "This issue threatens to further delay the resumption of about half a million barrels of oil per day to global markets."
On Tuesday, the Iraqi prime minister said that crude oil exports from his country to the Turkish port would resume this week.
While Baghdad concluded a temporary agreement with officials in the Kurdistan region to export oil, Turkey has not yet agreed to it.
It seems that Ankara wants to negotiate with Baghdad regarding the decision of the International Arbitration Court, which imposed a penalty of $1.5 billion on Ankara in favor of Iraq, according to the agency.
The head of the Qamari Energy Consulting Company says: “This issue may take several months.”
The Iraqi government and the Kurdistan Regional Government have been disputing over oil revenues for nearly a decade.
Although very little oil is held on the global market, the ongoing conflict will cause hundreds of millions of dollars in damages to Erbil and Baghdad.
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