The Iraqi Government has reached an initial agreement with the Kurdistan Regional Government to resume oil exports from Kirkuk, with exports beginning on Friday.
The deal follows more than a year of deadlock with a Ministry of Oil statement revealing initial exports agreed for 50,000 - 100,000 barrels per day (bpd), which is far short of production levels of approximately 300,000 bpd.
Exports from Kirkuk were halted in October 2017 following the KRG independence referendum, causing a loss of approximately $8 billion of oil revenue in non exported oil.
Source: Ministry of Oil, Reuters