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Oil issues a statement regarding the resumption of exports through the Turkish port of Ceyhan
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Baghdad Today - Baghdad
Today, Tuesday (May 28, 2024), the Ministry of Oil issued a statement regarding the resumption of exports through the Turkish port of Ceyhan, after it stopped in March 2024 due to a “judicial and financial dispute” between Baghdad and Ankara.
The ministry said in a statement, received by “Baghdad Today”, that “due to the Federal Ministry of Oil’s keenness on the issue of restoring production in the fields located in the Kurdistan region and resuming exports through the northern system in a way that provides the national interest, the Ministry of Oil called on the Ministry of Natural Resources in the region and the international companies operating the fields located.” In the region to hold a meeting in Baghdad as soon as possible.
The oil company attributed its invitation to the meeting “for the purpose of discussing and discussing the issue and reaching an agreement to accelerate the restoration of production and resume the export of oil produced through the Turkish port of Ceyhan and according to the quantities specified in the budget law.”
Prime Minister Muhammad Shiaa Al-Sudani announced on the 19th of this month that no progress had been made in the long-standing talks for international oil companies to resume exporting crude oil from the Kurdistan region of Iraq.
Al-Sudani said in a press conference that the government is keen to solve the price crisis that stopped oil exports more than a year ago, but he pointed out that companies refuse to amend contracts signed years ago with the Kurdistan region.
He added: "The companies refuse to amend, so the process stops at this point."
Iraq is the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC).
Iraq's federal budget until next year sets the average production cost per barrel at $8. But Al-Sudani said that the price of a barrel costs companies operating in Kurdistan $26, which forced them to stop production.
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