Boom in oil and gas after Iran Sa

Iraq and the Kurdistan Regional Government have agreed to resume oil exports to Türkiye’s strategic Ceyhan energy center on the Mediterranean Sea.

KRG Prime Minister Masrour Barzani said in a post on Twitter that the decision to allow oil flow through the Kurdistan pipeline was taken “given the extraordinary circumstances facing the country”.

Iraq’s oil minister said exports would resume on Wednesday.

Baghdad is seeking to use the pipeline as an alternative route for crude oil flows disrupted by the Iran conflict and has accused Iraq’s Kurdish authorities of refusing to allow crude exports through the pipeline. The KRG rejected the accusation and said Baghdad had failed to address the security and economic challenges facing the region.

Oil production in Iraq has fallen to about 1.5 million barrels per day due to the closure of the Strait of Hormuz due to regional war. The pipeline previously averaged 450,000 b/d, but it was closed for the past three years due to the dispute between Baghdad and the KRG, and flows have resumed only intermittently.