Baghdad: Iraq and its semi-autonomous Kurdish region have reached an agreement to resume oil exports through a vital pipeline that extends through Turkey to the Mediterranean. Kurdish Prime Minister Masrour Barzani highlighted the 'exceptional circumstances' facing the country, emphasizing the shared responsibility to navigate this challenging period. He also mentioned ongoing negotiations aimed at lifting an embargo affecting Kurdish oil traders.
According to Ghana News Agency, the longstanding dispute between the Iraqi government and the Kurdish region has centered around the operation of the pipeline and the distribution of oil export revenues. The government in Baghdad anticipates that exports via the pipeline will reach approximately 300,000 industry-standard barrels, each containing 159 liters, with operations expected to resume today.
Due to the effective blockade of the Strait of Hormuz caused by the Iran conflict, Iraq has significantly curtailed its oil production. Iraqi Oil Minister Hayan Abdul Ghani noted that the country is currently producing only 1.3 million barrels of crude oil, representing about 30% of its normal production capacity.