Crude oil flowed on Saturday (27 September) through a pipeline from the semi-autonomous Kurdistan region in northern Iraq to Türkiye for the first time in two-and-a-half years, after an interim deal broke the deadlock, Iraq's oil ministry said.
"Operations started at a rapid pace and with complete smoothness without recording any significant technical problems," the ministry said.
The agreement between Iraq's federal government, the Kurdistan regional government (KRG) and foreign oil producers will see 180,000 to 190,000 barrels per day of oil flow to Türkiye's Ceyhan, Iraq's oil minister told Rudaw on Friday.
The U.S. had pushed for a restart, which is expected to eventually bring up to 230,000 barrels per day (bpd) of crude back to international markets at a time when OPEC+ is boosting output to gain market share.
The preliminary plan, agreed on Wednesday, calls for the KRG to commit to delivering at least 230,000 bpd to Iraq's state oil marketer SOMO, while keeping an additional 50,000 bpd for local use, according to Iraqi officials with knowledge of the agreement.
An independent trader will handle sales from the Turkish port of Ceyhan using SOMO's official prices.
For each barrel sold, $16 is to be transferred to an escrow account and distributed proportionally to producers, with the rest of the revenue going to SOMO, the officials said.
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The Reconstruction and Development Coalition, led by Iraqi Prime Minister Mohammed Shia al-Sudani, has emerged as the frontrunner in the country’s parliamentary elections, according to the country’s electoral commission.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 11st of November, covering the latest developments you need to know.
Turkish Foreign Minister Hakan Fidan held a series of high-level meetings in Baghdad on Sunday as part of his official visit to Iraq, focusing on bilateral cooperation and regional stability.
Iraq signed a deal with Türkiye on Sunday under which water infrastructure projects to be carried out by Turkish firms will be financed with revenue from oil sales, a Turkish official said.
A source has confirmed to Anewz that all bodies of the 20 victims in the Turkish Military place crash have been recovered by search teams in Georgia's Sighnaghi municipality.
Two earthquakes centered in Cyprus on Wednesday were felt across northern and central regions of Israel, raising concerns among residents in both countries. The first tremor occurred at 11:31 a.m., with the epicenter near Paphos, Cyprus, at a depth of 21 kilometers.
Georgian Interior Minister Geka Geladze has visited the site of the Turkish military helicopter crash in Sighnaghi Municipality, near the Georgia–Azerbaijan border.
Mali's Prime Minister, General Abdoulaye Maiga, sharply criticised France and Algeria on Tuesday (11 November) for allegedly supporting terrorist groups operating in the Sahel region. His comments came during the opening of the Bamako Military Exhibition (BAMEX).
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U.S. Secretary of State Marco Rubio may face questions from allies at a Group of Seven foreign ministers’ meeting in Canada on Wednesday (12 November)
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