Iraq's federal government and the Kurdistan Regional Government (KRG) have reached an initial agreement to restart northern oil exports this week, a KRG spokesman said on Sunday, and Baghdad will write to Turkey to request a resumption in pipeline flows.
Turkey stopped pumping about 450,000 b/d of Iraqi crude from a pipeline from the Fish-Khabur border area to its Ceyhan port on March 25 after Iraq won an. Baghdad had argued that Turkey had violated a joint agreement by allowing the KRG to export oil to Ceyhan without its consent.
"This agreement will remain in effect until the oil and gas law bill is approved by Iraqi Parliament," Ghafuri said. The halted flows only account for about 0.5% of global oil supply, but the stoppage, which forced oil firms operating in the region toor move production into rapidly-filling storage tanks, still helped boost oil prices last week back to near $80/bbl.
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