Resuming Iraqi oil exports... a bilateral problem centered around Iraq and OPEC, coming together at

POSTED ON[You must be registered and logged in to see this link.] BY [You must be registered and logged in to see this link.]

[size=52]Resuming Iraqi oil exports... a bilateral problem centered around Iraq and OPEC, coming together at the same time[/size]

[size=45][You must be registered and logged in to see this image.]Economic expert Nabil Al-Marsoumi clarified today, Friday (September 15, 2023), regarding the readiness to resume oil exports through the Turkish port of Ceyhan.[/size]
[size=45]Al-Marsoumi said in clarification, asking: “Will Kurdistan and Kirkuk oil exports return to flow again through Turkey?”[/size]
[size=45]He added, “Turkish Energy Minister Alp Arslan Bayraktar said that the inspection of the oil pipeline between Iraq and Turkey has been completed and the pipeline will be ready “technically” for operation soon, and if the two countries agree to resume oil exports again through the Turkish port of Ceyhan, this means the return of More than 450 thousand barrels from Kurdistan and Kirkuk oil fields to flow to global markets.”[/size]
[size=45]He pointed out that “resuming exports will push global oil prices downward, especially in the near term, before Iraq is forced to reduce its exports south across the sea to the level of 3 million barrels per day instead of the current exports that exceed 3.4 million barrels per day, in line with Iraq’s share in OPEC Plus, which is What requires Iraq to ask OPEC Plus to raise the baseline production level set for it at about 4.650 million barrels (on the basis of which the size of the cuts is calculated) by 200 thousand barrels, similar to the United Arab Emirates, so that the new baseline for Iraq becomes 4.850 million barrels per day.”[/size]
[size=45]Earlier today, Turkish Energy Minister Alp Arslan Bayraktar announced the readiness of the Iraqi crude oil pipeline and the start of operation soon.[/size]
[size=45]The minister said in a press conference that Turkey is close to completing damage assessments of the main pipeline, which allowed the country to receive and export crude oil from Iraq before stopping flows.[/size]
[size=45]The minister did not reveal further details about the date for the resumption of exports through the Turkish port of Ceyhan, overlooking the Mediterranean coast.[/size]
[size=45]Turkey stopped flows through the pipeline last March, after an arbitration court ordered it to pay about $1.5 billion in compensation to Iraq for transporting Kurdish oil without Baghdad’s approval.[/size]
[size=45]Bayraktar added that the damage assessment currently underway is extremely important for Turkey to defend itself legally if Baghdad requests additional compensation in the future.[/size]
[size=45]Turkey confirmed that the decision is in the hands of the central government in Iraq and the administration of semi-autonomous Kurdistan to reach a compromise on how to divide oil export revenues.[/size]
[size=45][You must be registered and logged in to see this link.]