The Federal Government in Baghdad and the Kurdistan Regional Government (KRG) have reached a comprehensive formal agreement to resume pumping and exporting oil from Kirkuk and regional fields through the Turkish port of Ceyhan. Initial pumping volumes are expected to reach approximately 350,000 barrels per day.
As tracked by Mada Al-Rafidain News, this urgent measure aims to offset the acute supply shortages currently crippling the southern maritime export terminals. The agreement includes clear mechanisms for settling the financial dues of foreign oil companies operating in the region and depositing revenues into a federally monitored bank account.
This breakthrough seeks to bolster total Iraqi exports in global markets and secure the consistent financial revenue streams necessary to fund operational expenditures and developmental projects within the federal budget.
