Iraqi Prime Minister, Turkish Energy Minister hold talks on resuming oil exports through Ceyhan
In a diplomatic effort to overcome obstacles hindering oil exports, Iraqi Prime Minister Mohammed Shia Al-Sudani engaged in a strategic meeting on Wednesday with Turkish Minister of Energy and Natural Resources Alparslan Bayraktar.
Al-Sudani affirmed the government’s commitment to finding viable solutions for the resumption of oil exports through the Turkish port of Ceyhan.
During the meeting, Prime Minister Al-Sudani underscored the government’s dedication to adhering to just and constitutionally sound resolutions concerning bilateral matters with neighboring nations. A statement released by the Prime Minister’s Office (PMO) highlighted discussions on critical issues, including Iraq’s water share and the optimal utilization of water resources for agricultural purposes.
Al-Sudani stressed the economic and humanitarian significance of Turkish cooperation on the matter, awaiting a collaborative approach from the Turkish side. The Prime Minister also emphasized the strategic importance of the Development Road, considering it a pivotal project that will stimulate growth across various economic sectors.
In early October, Minister Bayraktar confirmed the operational readiness of the Iraq-Turkey crude oil pipeline, which had been inactive for approximately six months. The halt in oil flows through the pipeline occurred in March following an International Chamber of Commerce (ICC) ruling that mandated Ankara to pay compensation of $1.5 billion to Baghdad for unauthorized oil exports between 2014 and 2018.
The Kurdistan region of Iraq had been exporting around 450,000 barrels of crude oil per day through the pipeline before its closure. Subsequently, Ankara initiated maintenance work on the pipeline, a conduit through which about 0.5 percent of global oil supplies traverse.
The diplomatic discussions between Al-Sudani and Bayraktar signal a concerted effort to address the intricacies surrounding the pipeline and its geopolitical implications. The outcome of these talks will likely have significant ramifications for the economic ties and regional stability between Iraq and Turkey.
