Iraq is taking steps to restore oil export operations through Turkey following the significant loss of $19 billion due to a prolonged halt. The Iraqi Minister of Foreign Affairs, Fuad Hussein, emphasized the importance of resuming oil exports from the Kurdistan region, hinting at the essential role it plays in Iraq’s economy. With financial stability at stake, the Iraqi government asserts that the resumption of oil flows is vital for meeting both regional and global energy demands. Following the closure of the Ceyhan pipeline, which was used for transporting Kurdish oil to international markets, Iraqi officials are actively negotiating terms to reinstate operations, aiming to bounce back from the devastating economic impact caused by the export freeze. As discussions progress, the Iraqi Foreign Minister highlighted, ‘Resuming Kurdistan oil exports is crucial for Iraq’ and reiterated the government’s commitment to ensure a steady supply of oil to counterbalance financial losses. Industry analysts have noted that the potential resumption could lead to a significant increase in revenue, potentially stabilizing Iraq’s struggling economy amidst ongoing price fluctuations in the global oil market.
Iraq Aims to Resume Oil Flows to Turkey Amidst $19 Billion Loss
