In just hours … an Arab country will pump oil to Türkiye!

Abdel -Ghani, who also holds the position of Deputy Prime Minister for Energy Affairs in a press statement, said that in the coming hours, Iraq will announce the start of the export of the region’s oil exports through the Iraqi Oil Marketing Company “Sumo” through the Turkish port of Jihan at a rate of a preliminary rate of 185 thousand barrels gradually escalating to reach the energy specified in the public federal budget.

The authorities of the Kurdistan Region of Iraq announced last Sunday to reach an agreement with the Iraqi federal government to resume the export of crude oil from the region’s fields, according to the available quantities.

The agreement solves the problem of stopping the exports of Kurdistan Region Oil exports, which started since March 2023 when Turkey stopped the flow of oil through the Jehan pipeline, after the International Chamber of Commerce’s decision to compel Ankara to pay 1.5 billion dollars as compensation to Baghdad for illegal exports between 2014 and 2018.

It is also expected that the resumption of export will contribute to reducing the economic losses incurred by Iraq, and estimated at about 20 billion dollars during the stoppage period, in addition to strengthening federal revenues.