Iraq Intensifies Negotiations to Conclude a New Oil Export Agreement via Turkey

The Ministry of Oil announced the formation of a supreme joint committee comprising representatives from the ministries of Oil, Foreign Affairs, Finance, and the Kurdistan Regional Government to lead negotiations with Turkey regarding a new crude oil export agreement. This strategic move coincides with the upcoming expiration of the current agreement, aiming to ensure an uninterrupted flow of oil exports to global markets. Iraq seeks to increase its export volume through the Turkish port of Ceyhan to over 350,000 to 400,000 barrels per day in the coming period, aiming to supply the growing demand in European markets amidst challenges facing international navigation routes.