According to a senior source in the Iraqi Oil Ministry who spoke to Rudaw News, the Kurdistan Regional Government (KRG) has resumed the export of oil from the Kurdistan Region after a four-month suspension.

The resumption of oil exports comes after the International Court of Arbitration in Paris settled a case between Turkey and Iraq, leading to the suspension of oil exports from the Kurdistan Region through the Turkish World Port on March 25, 2023.

The current daily oil exports from the Kurdistan Region to the Iraqi government's refineries amount to over 150,000 barrels, as confirmed by the source in the Iraqi Oil Ministry. The export of oil is being conducted in coordination with the Iraqi Oil Ministry and is aligned with the budget law, ensuring compliance and smooth operations.

Furthermore, after meeting the domestic oil demands by supplying local refineries with Kurdistan oil, the sale and export of Kirkuk oil have also resumed. However, this time, the exports are being routed through Basra.

Negotiations between Iraq and Turkey are ongoing to resume oil exports through the port of Ceyhan, which was disrupted due to reported damage to the pipeline caused by an earthquake. While Turkey has not officially responded to Iraq regarding the resumption of Kurdistan oil sales, there are no excuses preventing Iraq and the Kurdistan Region from restarting exports. Both parties have made necessary technical preparations and have coordinated all the required arrangements.

The senior source from the Iraqi Oil Ministry also revealed that several new contracts have been signed with international companies for the sale of Kurdistan oil. These contracts reflect the continuing international interest in the region's oil resources and indicate a positive outlook for the Kurdistan Region's oil sector.

The resumption of oil exports from the Kurdistan Region signifies a significant step forward for the region's economy and oil industry. It provides a boost to Iraq's overall oil exports and contributes to the stability and growth of the country's energy sector. The coordination between the Kurdistan Regional Government, the Iraqi Oil Ministry, and international companies highlights the collaborative efforts being made to ensure a smooth and efficient oil export process.

As oil exports resume, the Kurdistan Region and Iraq are poised to capitalize on their oil resources, generating revenue and further strengthening their economic prospects. The resumption of oil exports brings positive prospects for the region's energy sector and reinforces its position as a key player in the global oil market.