Resumption of Iraqi Kurdistan Oil Flows Boosts Output

Crude oil exports from Iraq's Kurdistan region to Turkey's Ceyhan port have resumed for the first time in 2-1/2 years, reaching 180,000 barrels per day. The deal, involving Baghdad and the Kurdistan Regional Government, aligns with OPEC+ efforts to increase output and market share.

In a significant move, crude oil exports from Iraq's Kurdistan region to Turkey's Ceyhan port have reached 180,000 barrels per day, according to shipping sources. This development follows the resumption of oil flows on September 27, marking the first in two and a half years.

Industry insiders revealed that the Kurdish oil will have its first tanker loading since the restart later this week. The tanker, named Vallesina, is set to carry 700,000 barrels of crude. This resumption is a result of agreements between eight oil companies operating in Iraqi Kurdistan, Baghdad, and the Kurdistan Regional Government.

The agreement outlines that the Kurdistan Regional Government will deliver the crude to SOMO, Iraq's national oil marketer, and an independent trader will oversee sales. This move coincides with actions by OPEC+ to ramp up oil production to gain a larger share of the market.

(With inputs from agencies.)