Oil route reopens Iraq and Turkey secure crude flow
Turkey and Iraq have reached a one-year oil agreement that ensures the continued operation of the oil pipeline between the two countries, transporting no less than 750,000 barrels per day from northern Iraqi fields to the Turkish port of Ceyhan. The goal is to boost Iraq’s oil exports and secure global energy supplies. The agreement aims to maintain oil flows while negotiations continue for a long-term deal that would increase the pipeline's capacity, currently at 170,000 barrels per day, potentially extending in the future to include oil fields in southern Iraq. Turkey seeks to leverage the pipeline’s capacity, which could eventually reach 1.5 million barrels per day. This understanding underscores the importance of the pipeline in global oil supply security, especially amid regional challenges like the Hormuz Strait crises. It comes as part of efforts to strengthen economic and political cooperation between Baghdad and Ankara.
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