Iraq’s oil minister said on Tuesday that the Iraqi government and the Kurdistan Regional Government (KRG) reached an agreement to resume oil exports to Turkey’s Ceyhan energy hub starting on Wednesday, Reuters reported.  

The KRG stated that both sides would form a joint committee to prepare for resuming oil exports via the region’s pipeline from Wednesday, with revenue to be returned to the federal treasury. They also agreed to take the necessary security measures to protect oilfields and ensure the continuity of export operations. 

Market reaction

At the time of writing, the West Texas Intermediate (WTI) is down 2.87% on the day at $92.25. 

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