Iraq nearing deal with Kurds to restart Kirkuk oil exports

November 12, 2018 - Iraq is close to a deal to restart oil exports from the disputed Kirkuk region after U.S. sanctions hit Iranian crude exports. The agreement could add up to 400,000 of barrels of oil a day to international supplies.

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Oil from Kirkuk has been largely shut off from regional markets for more than a year, since the Iraqi federal government retook the territory from Kurdish control in October 2017, according to a Financial Times report.

The only available export outlet for the oil from the giant oilfield is the Kurdistan Regional Government’s own pipeline that runs to the northern border with Turkey then on to the Mediterranean port of Ceyhan.

Talks on restarting exports have been continuing since last year, and have intensified in recent weeks. Iraq is aiming to close the agreement by the end of November in the face of growing pressure from the U.S. to increase oil exports.

Washington has been exerting pressure on its allies to raise production as it seeks to reduce Iran’s oil exports without creating a damaging price spike.