An international arbitration ruling on March 23 prompted the shutdown of Iraq's northern crude oil exports through Turkey and sent oil prices back towards $80 a barrel.
of Iraq's northern crude oil exports through Turkey and sent oil prices back towards $80 a barrel.
Iraq's federal government says its state-owned marketed SOMO is the only party authorised to manage crude exports through Ceyhan. Based on all the rulings, the net amount Turkey owes Iraq was about $1.5 billion before interest, the source familiar with the case said. According to a Turkish source, Iraq's initial demand was for about $33 billion.A second arbitration case, which could take about two years, would cover the period from 2018 onwards.
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