Turkiye and Iraq sign one-year oil pipeline deal amid global shift
Summary
Turkiye and Iraq have signed a one-year agreement to keep oil flowing through the Kirkuk-Ceyhan pipeline, which carries crude oil from Iraq to Turkiye. The deal aims to maintain exports amid global market changes and regional tensions affecting other oil routes.Key Facts
- The agreement was signed between Turkish state company BOTAS and Iraqi state oil firms SOMO and NOC.
- It was made shortly after Iraq’s prime minister visited Ankara and after the previous deal expired last week.
- The pipeline can carry up to 1.5 million barrels of oil per day but currently transports about 170,000 barrels daily.
- The deal covers a daily transit capacity of 750,000 barrels for now.
- Iraq seeks to protect and diversify its oil export routes after disruptions caused by regional conflicts, including Iran's actions closing the Strait of Hormuz.
- Iraqi Prime Minister Ali al-Zaidi called the deal a strategic milestone for cooperation with Turkiye.
- Both countries plan to work on a broader cooperation agreement on oil, electricity, water, and other sectors.
- The signing follows talks between Turkish President Erdogan and Iraqi Prime Minister al-Zaidi in Ankara.
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